Apple Is Working On Its Own Visa Debit Cards
- Author: Douglas Reid Apr 30, 2017,
Apr 30, 2017, 1:01
One source familiar with the inside machinations told Recode they expect Apple to announce the new service at a later date this year. With the service, iPhone users would be able to send money directly to and from other iPhone users.
Separately, nearly two weeks after Apple secured permission to test its autonomous auto technology in California, the first images of the vehicle have been captured on Silicon Valley roads this week. Keep in mind that Apple has been rumored to be setting up such a P2P (peer-to-peer) money transferring system before.
Apple Inc has held talks with payments industry partners about launching a money-transfer service, technology news Web site Recode reported on Thursday. Given the fact that iMessage and Siri already feature payment services from third parties, it would make sense that Apple's offering would also integrate into its messaging and voice command services. The banks see these services have typically been money losers for new entrants in the space, but are the gateway to the next generation of payment and personal finance services that could upend traditional consumer banking relationships.
Venmo lets you easily transfer money to pay for festival tickets, drinks, and even rent. 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.
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Competition in this area is high, and it continues to go up. For example, 2016 saw Venmo move $17.6 billion in total cash while QuickPay processed about $28 billion in the same period. These cards would be tied to the service, giving iPhone owners a physical product as well as a digital one.
Venmo is popular, especially among young, urban residents, as a way to pay friends back for things.
Apple wants a piece of Venmo's market. But that's not necessarily the case, particularly if Apple doesn't offer any reason to switch cards.