Apple Could Be Ready To Start Its Own Money Transfer Service

According to a source familiar with the matter who tole Recode, Apple could be announcing a new service later this year to transfer money.

Apple had recently had talks with payment industry partners about introducing its own service that would be a competitor against Venmo.

According to sources, the service would let iPhone owners send money digitally to other iPhone owners.

iPhone users were optimistic about something like this back in 2015 when the company had talks with banks about such a service, but it didnt’ end up launching anything.

If it were to happen this time, Apple could be going head to head with PayPal and its subsidiary Venmo. SquareCash could also be facing some major competition if Apple gets into the arena.

The tech giant has been looking for new ways to boost its usage of Apple Pay.

According to Apple analyst, Gene Munster, who spoke to the Wall Street Journal, he estimates Apple saw $36 billion in 2016 Apple Pay transactions. This came in well below the prediction of $207 billion that he had.

Let’s just see if Apple does decide to announce something this year.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.