Apple is working on a service that could compete with Venmo

This will basically allow iPhone owners to do peer to peer digital money transactions.

This isn't the first time Apple has flirted with such an idea.

One key feature missing from Apple Pay that other mobile payment systems offer is the ability to transfer money between users.

According to Recode, Apple is now having discussions with its payments industry partners about introducing its own Venmo competitor. The new P2P service could be announced as soon as this year, but that timing could change. 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.

The pre-paid debit cards would tie into an unannounced service that would allow iPhone users to send money to each other digitally.

Users would have access to funds on the card the moment it is sent- instead of waiting for the money to clear in their bank account. Apple's service could pit it against the likes of Pay-Pal's Venmo app

On Thursday, a report claimed that Apple has held talks with Visa talking about its own pre-paid debit cards.

A long-lasting rumor has suggested that Apple is interested in creating a money transferring service through its smartphones. Just this month, the social network added the ability to send group payments among friends. The app registered a transaction volume reaching $6.8 billion last quarter alone. It'll have to face-off against heavyweights like Venmo, Paypal, and Square Cash, with its main advantage being the in-built convenience of having the service baked into iOS.

The virtual debit card would work in retail stores and online.

If Apple did get into the money transfer business, it would be a late entry into a crowded market, much as Apple Music was. That would typically put Apple Pay on better financial footing, but Venmo's parent PayPal already operates one of the largest and most profitable P2B platforms in the world.

Apple has been in discussions about developing its own "Venmo competitor", with the hopes of reviving its not so popular Apple Pay, according to Redcode.

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  • Regina Walsh