Apple is building a person-to-person payments service like Venmo

Will this get folks onboard with mobile payments?                  Jason Cipriani  CNET

If launched, the service would compete with digital money transfer services such as PayPal's Venmo and Square Inc's Square Cash, as well as services from big banks.

The article cites sources familiar with the company's plans, but offers conflicting reports; one source says a formal announcement can be expected later this year, while another says the launch is still up in the air. Apple's money transfer service could give Apple Pay a boost, but only if users embrace the service in lieu of the other available options.

The company first played with this idea two years ago, when it talked to some of the biggest US banks including J.P Morgan Chase and Wells Fargo to develop and launch a similar platform. Prior Apple patents have described a mobile P2P system that relies on iMessage.

A new report revealed that Apple is developing a Venmo remittance service, according to the United States site Recode, which may launch its own credit card. With a crowded space, Apple will certainly be hesitant to try developing a service of its own, even if it does see a bright future.

Nadal claims record-extending 10th Monte Carlo title
Ramos Vinolas took the first set when he broke the 11th-seeded Frenchman to love, concluding with a smash at the net. He will be among the favorites at the French Open this year, which was the last of his 14 Grand Slam wins in 2014.

PayPal reported first-quarter results yesterday, and said Venmo total payments volume (TPV) more than doubled year over year to $6.8 billion as the service continues to gain momentum. This would allow users to spend the money they get from the new peer-to-peer payments service instantly without having to wait for the money to clear in their bank account.

A long-lasting rumor has suggested that Apple is interested in creating a money transferring service through its smartphones.

Considering just how much money goes through the digital hands of these services, it's really no wonder that Apple wants in on the action. The company is in the process of rolling out its P2B offerings like Pay with Venmo, which allows merchants to accept Venmo on their sites and apps. Regardless of the debate, it appears that Apple serious about launching a Venmo competitor sometime in the next few years. One of those ways is a debit card.

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