Apple Plans P2P Service, Pre-Paid Debit for Apple Pay: Report

“[Apple] has reportedly been holding discussions with partners in the payments industry regarding a new platform that would compete against the likes of Venmo, PayPal’s P2P payments app.”

Apple is in talks to launch its own peer-to-peer (P2P) money transfer service, reports Recode.

Apple Plans P2P Service, Pre-Paid Debit for Apple Pay: ReportThe tight-lipped company hasn’t commented on any such effort, of course. But it has reportedly been holding discussions with partners in the payments industry regarding a new platform that would compete against the likes of Venmo, PayPal’s P2P payments app.

Recode also reports that Apple has been in talks with Visa to launch pre-paid debit cards for use with Apple Pay. The cards wouldn’t need to be issued through partner banks, and as such would allow Apple to bypass such partners in enabling Apple Pay for users. Accordingly, some banks are reportedly planning to raise concerns about the effort with Visa at a summit between the financial services giant and its partners next week.

The report cites analyst Gene Munster’s estimation that Apple may $36 billion on Apple Pay transactions last year, a small share of Munster’s previously predicted $207 billion in revenues. Nevertheless, a recent Juniper Research report asserted that Apple Pay is leading a fast-growing mobile payments market, and will continue to do keep well ahead of rivals like Samsung Pay and Android Pay in the year ahead.

Source: Recode