Apple in talks to launch money-transfer service: Recode

Apr 30, 2017, 00:57
Apple in talks to launch money-transfer service: Recode

This would allow users to spend the money they get from the new peer-to-peer payments service instantly without having to wait for the money to clear in their bank account. The company is in the process of rolling out its P2B offerings like Pay with Venmo, which allows merchants to accept Venmo on their sites and apps.

Once source familiar with the plans told Recode that the tech giant will announce its own service later this year.

This service would work between two iPhone users.

Much like Venmo and its competitors, Apple's new service would enable iPhone users to transfer money to each other quickly using their mobile phones.

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Windows commercial products and cloud services were up by 6% (6% CC), following similar growth last quarter. Microsoft isn't saying much about its mobile plans, but its phone revenue dipped $730 million this quarter.

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Kia is also stressing on differentiating itself from its owner company - Hyundai, in the Indian market. The company's vehicle sales in overseas markets were hit hard as demand in China tumbled 35.6 percent.

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Apple may have not have reached its goal to replace the wallet, but a new report has revealed that the tech giant is not giving up on the mobile-payments industry. It will have all the money transfer features along with the money storage aspect that Apple Pay didn't have. If you already have a money transfer arrangement with a financial firm, you're more likely to use that company for a loan that is highly profitable to the lender. The goal then wouldn't be to charge a fee for each peer-to-peer transaction, but to encourage users to also make purchases with the card, for which Apple does charge a fraction of a percentage. This time, Apple's eventual service would combat for market supremacy with USA banks, PayPal, Venmo and other providers in the money transfer and processing industry. Apple was supposedly in talks with a number of banks about a similar service in 2015. The service would let iPhone owners send money digitally to other iPhone owners.

Apple and Visa declined to comment on the report. However, the new rumor does include talk about a new Visa card that would be offered by Apple, but would run through Visa's debit card system.

Some bank executives, however, are concerned about the partnership between the credit card company and Apple and are going to raise concerns that Visa is hosting for its bank partners.

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