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Apple Inc. (AAPL) Could Kill Venmo With Money Transfer Service "Apple Cash"

Apple Inc. (AAPL) Could Kill Venmo With Money Transfer Service

Apple Inc. may wish to launch a person-to-person money-transfer service to rival Venmo, according to a new report. Third-party apps that are popular among the masses are PayPal, PayPal-owned Venmo and Square Cash.

As Recode reports, Apple has recently brought up the idea in discussions with others in the payment industry and is attempting to figure out when an announcement might come. Loup Ventures analyst Gene Munster estimates that Apple saw $36 billion in total Apple Pay transaction volume a year ago. 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.

If Apple's plan pans out, its service will rival offerings from big USA banks, as well as PayPal, its millennial-popular subsidiary Venmo, and Square Cash, the report said. According to the report, the company has been in talks with Visa to create a card that would be tied to the payments system.

For its part Apple reportedly saw an estimated $36 billion in 2016 Apple Pay transactions, but that still falls way short of analysts' expectations considering the massive iPhone install base. For example, you could use the Apple cards to spend money sent to you through the service without having to wait for the funds to clear at the bank. Most financial companies that offer such a service use them as a loss leader.

One of the reasons Apple Pay's usage is low is that its service isn't accepted everywhere, yet.

It looks like Apple Pay is getting a major upgrade this year. Need a loan, a credit card or a mortgage?

Apple already operates its own digital wallet, Apple Pay, so adding another payments feature might make sense. Regardless of the debate, it appears that Apple serious about launching a Venmo competitor sometime in the next few years.

Forrester Research estimates that the total peer-to-peer payments (P2P) payments market will reach $17 billion in transaction volume by 2019.

The pre-paid debit card rumor is a bit more interesting.

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