Apple likely to launch money transfer service later this year

Once this kicks in, the usage of Apple could see a significant jump.

Recode has reported citing sources familiar with the talks, Apple has held talks with payments industry partners on launching a money-transfer service which will allow its flagship owners to transfer money digitally to other iPhone users.

As per one source, Apple will most likely announce the new service later this year.

Once Apple launches the service, it will compete with digital money transfer services such as services from big banks, PayPal’s Venmo offering and Square Inc’s Square Cash.

Apple has also held talks with Visa Inc, a payments network operator, in order to create its own pre-paid cards that work on the Visa debit network which will also work in the new peer-to-peer service, reported Recode.

Clearly Apple is looking for ways to boost the usage of Apple Pay, its mobile payments service, and the debit card route could be one way out.

Since its launch two and half years ago, Apple Pay usage has had lighter-than-expected results, reported Recode citing sources from big U.S. banks.

When requested to comment on the report both Visa and Apple declined comment.

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