Apple and Visa are working on a P2P app, rumor says

Apple and Visa are working on a P2P app, rumor says

These apps already offer seamless money transfer between users regardless of bank affiliation or what type of smartphone a user owns. If launched, the app would be a direct competitor to Venmo app.

The card will exist virtually inside Apple Pay's digital wallet and users can use the tap-to-pay service to pay for things at brick-and-mortal stores. According to multiple sources that are familiar with the news, Apple intends to announce the service later this year, potentially at the same event when its new iPhone will be unveiled. Recode reports that Apple is indeed working on such a service (again). By using the Apple Visa card, someone could spend their money sent to them on the service without having to wait for bank clearance. However, Apple has seen great success with its mobile payments platform, Apple Pay.

If Apple were to come up with its own Venmo-like offering, it could help boost the Service business but as Fox News reports it's likely more about keeping its users entrenched with Apple, read on...

Apple is desperate to prop up its Apple Pay service.

Customers can then use either their iPhone (or linked Apple Watch) to pay at retail stores equipped with point-of-sale registers supporting near-field communication (NFC) technology, which enables frictionless payments between smartphones and registers. Those in the know say that Apple could officially unveil this new payment service some time later this year, allowing Apple to compete with others in the industry such as Pay Pal, Square Cash and Chase's Quick Pay.

Venmo alone, a popular choice for the millennials, processed $17.6 billion in transfers last year, continuing the trend of doubling the amount year over year.

Apple and Visa declined to comment on the report.

The potential of Apple getting its own debit card, however, is not sitting well with some bank executives, sources told Recode. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China. Recode also mentions that there may be some pushback from banks who've "spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay", and aren't fond of the idea of Apple now promoting its own card.

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