Apple Ventures Into Fast Digital Cash Service 'Peer-To-Peer Payment Service'

by Dominic Parks April 30, 2017, 0:58
Apple Ventures Into Fast Digital Cash Service 'Peer-To-Peer Payment Service'

'Just 13% of the estimated 680 million iPhone users have used Apple Pay, according to the research firm'. However, many people haven't yet adopted the app because of the competition from PayPal and banks. Users would be able to send "Apple Cash" to one another and use the Visa card and Apple Pay to spend the money online or at retail stores without waiting for it to be cleared by a bank.

Apple could launch the service later this year, but Recode cited a source that said a definitive launch date isn't set. Several sources inside big US banks told Recode that Apple Pay usage has been lighter than expected since it launched two and a half years ago.

One key feature missing from Apple Pay that other mobile payment systems offer is the ability to transfer money between users. It will have all the money transfer features along with the money storage aspect that Apple Pay didn't have. It'll have to face-off against heavyweights like Venmo, Paypal, and Square Cash, with its main advantage being the in-built convenience of having the service baked into iOS.

Customers can then use either their iPhone (or linked Apple Watch) to pay at retail stores equipped with point-of-sale registers supporting near-field communication (NFC) technology, which enables frictionless payments between smartphones and registers.

The company had actually discussed the idea with several banks back in 2015, but the talks fell through.

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Last year, $28 billion worth transfers were processed through QuickPay service by Chase while Venmo registered $17.6 billion in volume and is still growing multi-fold every year.

An Apple representative declined to comment on the report.

Apple is unlikely to charge end-users for sending money to friends but it may profit from the prepaid debit card transactions by claiming fees from merchants. The report said the Visa debit card may not be a physical card and may only come in a digital form.

But some bank executives are reportedly wary, and plan to complain at a Visa "summit" next week, according to Recode's Jason Del Rey.

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