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Apple plans to launch money-transfer service

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Apple will reportedly announce the service later this year.
Apple will reportedly announce the service later this year.

Apple has held talks with payments industry partners about launching a money-transfer service, technology news Web site Recode reported yesterday.

The service will allow iPhone owners to transfer money digitally to other iPhone users, Recode reported, citing sources familiar with the talks.

Apple will announce the new service later this year, one source told Recode, while another told the Web site an announcement and launch date may not yet be set.

The service, if launched, would compete with digital money transfer services such as PayPal's Venmo offering, Square's Square Cash, as well as services from big banks.

Apple was also in talks with payments network operator Visa to create its own prepaid cards to run on the Visa debit network, and tied to the new peer-to-peer service, the Recode report said.

Apple is looking for ways to boost usage of Apple Pay, its mobile payments service, and the debit card could be one way to do that, Recode reported.

Apple Pay usage has been lighter-than-expected since its launch two-and-a-half years ago, the Web site reported, citing sources from big US banks.

Apple and Visa declined to comment on the report.

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