Apple May Go After Venmo, But Why?

Ken Copeland
April 28, 2017

Apple is working on a Venmo-like money-transfer service, according to a report by Recode - and perhaps even its own debit card. Right now, Apple Pay supports online and in-app payments and in-person contactless payments, but the app only lets users send money to merchants.

The new service, which was rumored two years ago, could help bolster Apple Pay, the company's mobile payments service.

If Apple's plan pans out, its service will rival offerings from big US banks, as well as PayPal, its millennial-popular subsidiary Venmo, and Square Cash, the report said. At the time, it made sense to leave P2P to other companies while focusing on the relatively harder challenge of pushing adoption of contactless payments among both merchants and consumers, or person-to-business (P2B). With the service, iPhone users would be able to send money directly to and from other iPhone users.

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Do you use services like Venmo, PayPal, and Square Cash? In the first quarter of 2017, Venmo processed a record $6.8 billion, doubling the amount the company brought in from the prior year period.

"Banks spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay", Cherian Abraham, a digital payments executive at Experian, told Recode. Apple was supposedly in talks with a number of banks about a similar service in 2015. Apple Pay is now accepted by over 2,000 banks, worldwide.

An Apple representative declined to comment on the report. As an extension of Apple Pay, Apple is reportedly looking to break into the peer-to-peer payment systems. With that said though, it would still be a pretty great way for the company to increase awareness about Apple Pay and get more people to start using it in ways that actually benefit the Cupertino giant. The Wall Street Journal reported Apple analyst Gene Munster estimates Apple Pay saw around $36 billion in transactions during 2016. They can make purchases using their Venmo account, but they can use it like cash - splitting restaurant bills between friends, paying their share of the rent, or sending money on someone's birthday.

Other reports by Guamnewswatch

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