Apple Reportedly Still Working On Its Money Transfer Service

According to a report by Recode, Apple and Visa are now in talks to introduce prepaid digital debit cards that would allow users to spend money received from others.

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One source tells Recode that the service could be introduced by the end of 2017, while another remains unconvinced that Apple has set the timing for either an announcement or an official release. At that time, Apple was said to be working with several US -based banks about the service, but nothing came of the talks. The service would presumably exist under the Apple Pay umbrella, enabling users to easily and quickly transfer money to each other in a manner not too different from Square Cash and Venmo. Venmo registered about $17.6 billion in transfers in 2016, and Chase's QuickPay service cleared around $28 billion.

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Talks among various stakeholders were held in 2015, although no new service was launched.Were "Apple Cash" to launch, it would compete with offerings already available from big banks and others. By using the Apple Visa card, someone could spend their money sent to them on the service without having to wait for bank clearance. Apple, of course, would like all iPhone (and now MacBook) users to opt for Apple Pay over pulling out their wallets, and by adding peer-to-peer functionality, it could see increased growth in overall Apple Pay usage. Apple presumably wouldn't charge any fees for its peer-to-peer money transfer service, so that's where the debit card comes into play, as Apple gets a commission from banks for Apple Pay transactions. Transaction volume for the USA alone is predicted to hit $282 billion by 2021. 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. Most of those surveyed used the service sparingly. That's because it eliminates the need to enter in information like card numbers and shipping addresses that can be a cumbersome task on the small screens of mobile phones. If someone sends you money using Apple Pay, you could be able to use this balance using this card.

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