Apple P2P payment service to take fight to Venmo and Square

Apple P2P payment service to take fight to Venmo and Square

If Apple pushes through this Venmo style service, backed with its own debit card, it could hack off the bankers even more. The apps, however, are available for both Apple and Android smartphone users.

Apple has been in discussions about developing its own "Venmo competitor", with the hopes of reviving its not so popular Apple Pay, according to Redcode.

Then, users could add such prepaid debit card to their Apple Pay wallet allowing them to use it for purchases at brick-and-mortar stores or make purchases online. One source suggested that Apple's new service could launch later this year, but another suggested that a launch date hasn't yet been set.

Note: This service would likely launch in the U.S. at first, with the United Kingdom months down the line-if it's really a thing. It is believed that users would use digital debit cards linked to the service, which would let them use funds without waiting for the money to hit their bank account, according to industry sources. Keep in mind that Apple has been rumored to be setting up such a P2P (peer-to-peer) money transferring system before.

More news: BlackBerry KeyOne to launch in United States and Canada in late May

PayPal on Wednesday said Venmo processed a record $6.8 billion during the first quarter, double the volume from the same period a year earlier. Apple Pay hasn't been quite the revolution Apple promised, so this would at least be one way to get more people to use the service. It'll have to face-off against heavyweights like Venmo, Paypal, and Square Cash, with its main advantage being the in-built convenience of having the service baked into iOS.

A report from Recode now suggests that Apple could be working on a feature that would allow iPhone users to send money to other iPhone users.

An Apple representative 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. The report says banks are uneasy about the idea of Apple launching its own bank cards who have a vested interest in them being the default payment method in Apple Pay.

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