iPhone maker Apple is reportedly in talks with payments industry partners, to launch a money transfer service. If and when the service launches, it will allow iPhone owners to transfer money digitally to other iPhone users. NDTV reports that according to a source, Apple will announce the new service later this year. However, another source said an announcement and launch date may not yet be set.
Again, if the company does decide to launch such a service, it will go up against the likes of PayPal’s Venmo offering, Square Inc.’s Square Cash, and others. Simultaneously, Apple is also said to be in talks with Visa Inc. to create its own prepaid cards that will run on the Visa debit network, and will even be tied to the new peer-to-peer service.