It seems Apple is reconsidering owning its own money-transfer service again, this service would allow iPhone owners to send money digitally to other iPhone owners.
The latest talk reported by Recode has it that Apple desires to build its own money-transfer service similar to Venmo. It seemed back in 2015 Apple had considered this service before by talking with banks to collaborate a money transfer service which never evolved into anything substantial.
For those not familiar with what Venmo is, it’s basically a service that allows the user to pay and request money from friends. The service also allows users to add bank accounts and credit/debit accounts to their Venmo account, this way users can send money to their bank account as well.
If Apple has its way, the company will then compete with other U.S. Banks as well as PayPal, Square Cash, and Chase’s Quick Pay. Talk has it that Apple is also looking into a second option, which would be creating its own pre-paid card with Visa, and connect the service to the peer-to-peer service. This way users could use the Apple card to spend money sent to them through the new service without having to wait for the funds to clear from their bank accounts. The card could also be used to make purchases on websites and apps. At this time, Apple and Visa have declined to comment.