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Apple Said to be Working on Launching Money-Transfer Service and Pre-Pay Cards

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Recode reports today that according to a source familiar with Apple’s plans, the company has recently been in talks with payments industry partners about setting up its own version of money-transfer system Venmo. The service would enable iPhone owners to send money digitally to other iPhone users.

The source said that it expects Apple to launch the service later in the year, with another source adding that the date of the announcement and of the launch had not yet been decided.

Apple actually held similar talks back in 2015, but nothing appeared to come of it at that time.

Recode says that Apple has also been in talks with Visa recently about its own pre-paid Visa debit cards that would also tie in with the new money-transfer service. You would be able to use the cards to access money sent to you via the money-transfer service without waiting for it to clear into your bank account.

Source: Apple is in talks to launch its own Venmo
 

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