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Apple Is In Talks To Launch Its Own Venmo (recode.net)

Posted by BeauHD on from the if-you-can't-beat-em-join-em dept.

An anonymous reader quotes a report from Recode: The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, according to multiple sources familiar with the talks. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said. One source familiar with the plans told Recode they expect the company to announce the new service later this year. Another cautioned that an announcement and launch date may not yet be set. 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. Apple has also recently held discussions with Visa about creating its own pre-paid cards that would run on the Visa debit network and which would be tied to the new peer-to-peer service, sources told Recode. People would be able to use the Apple cards to spend money sent to them through the new service, without having to wait for it to clear to their bank account.

8 of 48 comments (clear)

  1. Re:Another clone to fail by cayenne8 · · Score: 4, Insightful
    Hell, I"m glad they described WTF "Venmo" was...

    I'd never heard of it before.

    *sigh*

    I guess I'd better hike my pants up and start shoo'ing kids away from my lawn...

    --
    Light travels faster than sound. This is why some people appear bright until you hear them speak.........
  2. "Venmo" defined for the lazy by netsavior · · Score: 2, Insightful

    Venmo is some stupid "payments wallet for your mobile phone" kind of thing, you have probably never heard of it, and they probably paid for this story in an attempt to make themselves more relevant.

    1. Re:"Venmo" defined for the lazy by BeauHD · · Score: 3, Informative

      From the report: "Venmo registered $17.6 billion in volume and is still doubling year over year..." Sure, they're not omnipresent, but they're certainly one of the most influential peer-to-peer (P2P) payment platforms, especially among millennials.

      And no, they did not pay us to post this story, nor did they sponsor this comment.

    2. Re:"Venmo" defined for the lazy by xxxJonBoyxxx · · Score: 2

      This ONE WEIRD TRICK will transfer your money to a stranger's debit card...

    3. Re:"Venmo" defined for the lazy by CrashNBrn · · Score: 3, Informative

      Considering Venmo is owned by Paypal...it's at least bent.

    4. Re:"Venmo" defined for the lazy by Glarimore · · Score: 2

      Venmo offers flexibility not offered by traditional banks (at least US ones, anyway).

      With Venmo, I can ask someone their user name and pay them back for half a meal or six pack within 30 seconds. No bank platform allows for that convenience.

      All of my friends and I use Venmo frequently. In addition to scenarios mentioned above, I also use it to pay my portion of utilities and rent to my roommate as well. I'm a late-twenty-something for reference.

  3. Re:Apple looking at Venmo offering by Anonymous Coward · · Score: 2, Funny

    Nope, it will be built into iTunes, which currently doesn't have enough functionality shoehorned into it.

  4. Re:America's Banking System Sucks by mccalli · · Score: 2

    Ah, is this why all these things keep popping up? I keep thinking "but I can already do that and have been able to for years". Decades in fact (and at this point, for almost a decade on mobile as well).

    Genuine point of education for me if people don't mind please - can you not just use your own banking app, or a national standard similar to PAYM? Is it that people are charged for doing that in the US?