Apple Could Have a Rival for Venmo Soon

Apple Venmo competitor

Apple Venmo competitor

Apple's also talked with Visa about creating prepaid debit cards tied to such a new service, Recode says - which could boost usage of Apple Pay that's been lighter than expected. Now, Recode has reported that the tech giant is resurrecting the dialogue about introducing a service that would give competitors like Venmo a run for their money.

The merchant angle is probably making Apple nervous, since it's failed to reach a critical mass with its Apple Pay service, more than two years after launch.

Users would have access to the money on the card the moment it is sent - instead of waiting for the funds to clear in their bank account.

It's worth noting, however, that if Apple were to actually launch a peer-to-peer mobile payment system at this time, it would be competing with a rather large consortium of firms who're already well established in the arena.

While we share many recommendations and ideas with the public, certain moves are hidden from everyone but chosen members of our portfolio services. Considering Venmo's meteoric rise (100% year-over-year payment volume), along with Apple's massive installed user base (well over 500 million global iPhone users), the opportunity for the company could be huge. But that's not necessarily the case, particularly if Apple doesn't offer any reason to switch cards. Apple presumably wouldn't charge any fees for its peer-to-peer money transfer service, so that's where the debit card comes into play, as Apple gets a commission from banks for Apple Pay transactions.

Michigan State football player dismissed following criminal sexual conduct charge
The alleged assault took place on April 9 in Meridian Township , not far from the Michigan State campus in East Lansing. Michigan State dismissed sophomore DE Auston Robertson after he was charged with criminal sexual assault.

Competition in this area is high, and it continues to go up.

If the rumored program, which has seen several starts and pauses, ends up happening, it'll be a way for Apple to bolster Apple Pay. Just this month, the social network added the ability to send group payments among friends.

Do you use services like Venmo, PayPal, and Square Cash?

Venmo is doing so well that it seems Apple wants in on the fun. The card number could also be used to make purchases on websites and in apps.