CUPERTINO, Calif.—Has Apple introduced a potentially significant competitor to Venmo?
Apple's newly launched software update, iOS 11, includes a new feature that allows users to send or request money through iMessage, Apple's texting app, rather than using a separate app such as Venmo or Square Cash.
The new app has sometimes been referred to as the “Venmo killer,” according to Time.
“Using the new mobile peer-to-peer payment system is simple. If you use Apple Pay, you can complete a transaction with a friend over iMessage–and it will appear within your text conversation. Users can send money with their credit or debit cards, and can authenticate their transactions through a password or TouchID,” Time said.
If someone receives money, it will appear virtually as an Apple Pay Cash card in their Wallet app. They can then use it instantly to pay at stores and for online purchases or transfer the money to their bank accounts, reported Time.