Apple Might Launch Venmo Competitor

Apple May Launch Venmo Competitor

Apple is in talks with banks to launch a cellular funds service, in accordance with a report from the Wall Road Journal. The product would compete with Venmo, the cellular peer-to-peer service from PayPal.

The platform, which might be launched as quickly as 2016, would hyperlink financial institution accounts with Apple units. Customers might immediately switch cash from one individual’s checking account to a different’s.

The report says that J.P. Morgan, Capital One, U.S. Bancorp and Wells Fargo have all had conversations with Apple. It’s unclear at what stage the negotiations are, however a “launch isn’t imminent.”

The brand new service would probably be suitable with Apple Pay, the cellular funds providing obtainable on iPhones and Apple Watches. Launched final yr, Apple Pay works with Visa, MasterCard, American Categorical and different main bank card suppliers.

Competitors within the cellular funds area is heating up, with Sq. on the verge of an IPO. Sq. has a peer-to-peer providing referred to as Sq. Money, which additionally works equally to Venmo.

PayPal shares traded down 2% on the information.

Apple declined to remark. PayPal didn’t instantly reply for remark.