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Apple mulling a Venmo-like service

Apple mulling a Venmo-like service

With that said though, it would still be a pretty great way for the company to increase awareness about Apple Pay and get more people to start using it in ways that actually benefit the Cupertino giant. Now, Recode has reported that the tech giant is resurrecting the dialogue about introducing a service that would give competitors like Venmo a run for their money.

Do you already use a money-transfer service like Venmo or Square Cash? Right now, Apple Pay supports online and in-app payments and in-person contactless payments, but the app only lets users send money to merchants. The card could also be added to your Apple Pay wallet to pay for goods at stores and on websites. Rumor has it that Apple recently held meetings with other payment industry companies.

Even with the potential lucrative benefits, Apple again might step back from a launch, as some within the company are cautioning that there hasn't been anything set in stone yet.

These services have typically been money losers for the new entrants in the space, but are seen as the gateway to the next generation of payment and personal finance services.

The company is also allegedly looking into offering its own pre-paid debit cards, though the Recode report suggests Apple could face pushback from the banks it partners with to make the rest of Apple Pay work. The service has an uphill battle in physical stores because it is not accepted everywhere and is not widely viewed as a significant upgrade over physical cards. At that time, Apple was said to be working with several US -based banks about the service, but nothing came of the talks.




It looks like Apple Pay is getting a major upgrade this year.

Apple Pay was first announced at the iPhone 6 launch event in September 2014.

Furthermore, this would provide Apple with the opportunity to tie its new service with Apple Pay, which reportedly is producing unsatisfactory results for the past two and a half years. Most of those surveyed used the service sparingly.

Apple wants a piece of Venmo's market. Person-to-person payment services, however, have become incredibly popular, especially amongst millennials.

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