CUPERTINO, Calif.—Apple is again considering building its own money-transfer service, according to reports.
The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, Recode reported.
The service would allow iPhone owners to send money digitally to other iPhone owners.
“If it happens this time, the new Apple product would compete with offerings from big U.S. banks as well as PayPal, its Millennial-popular subsidiary Venmo, as well as Square Cash in the increasingly competitive world of digital money-transfers,” Recode stated.
Chase's QuickPay service processed $28 billion in transfers last year, while Venmo registered $17.6 billion in volume and is still doubling year over year, Recode noted.
P2P services, experts have stated, often are money losers for new entrants, but the cost of not being in the money transfer business is more costly, they say. P2P is typically viewed as a service that could take off with consumers, and represents the next generation of payments services.
As CUToday.info has reported, credit unions and banks are now competing aggressively in the P2P space with the new Zelle Network. In 2016, Early Warning announced Zelle, a financial institution-led digital payments network in the U.S. that lets members of participating FIs send money to anyone with a U.S. bank or credit union account.