Apple is working on a debit card and Venmo competitor

Tim Cook Apple
Apple is working on a debit card and Venmo competitor
Author

28 April, 2017

An Apple Pay that works between users could be the jumpstart that the service needs.

If it happens this time, the new Apple product would compete with offerings from big USA banks as well as PayPal, its millennial-popular subsidiary Venmo, as well as Square Cash in the increasingly competitive world of digital money-transfers.

Much like Venmo and its competitors, Apple's new service would enable iPhone users to transfer money to each other quickly using their mobile phones.

Apple's also talked with Visa about creating prepaid debit cards tied to such a new service, Recode says - which could boost usage of Apple Pay that's been lighter than expected.

These services have typically been money losers for the new entrants in the space, but are seen as the gateway to the next generation of payment and personal finance services. The company reportedly registered $17.6 billion this past quarter. This way, Apple would hold an advantage over other peer-to-peer payment systems like Venmo which require you to wait for your cash.

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Recode also reported that Apple is talking with Visa V about making its own pre-paid debit cards. Still, most analysts remain hopeful about the future of Apple Pay, particularly on the web and via apps, seeing as how the service eliminates the need for users to manually enter their shipping and payment information every single time they go to make a purchase.

It looks like Apple Pay is getting a major upgrade this year.

Apple Pay launched in October 2014 in an attempt to capture a chunk of that business. Several sources inside big USA banks told Recode that Apple Pay usage has been lighter than expected since it launched two and a half years ago.

While we share many recommendations and ideas with the public, certain moves are hidden from everyone but chosen members of our portfolio services.

Still, limiting the payments service to Apple devices only seems absurd - here's hoping Apple opens up its walled garden just a little bit, should the product ever come to fruition.


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