Apple Inc (AAPL.O: Quote) has held talks with payments industry partners about launching a money-transfer service, technology news website Recode reported on Thursday.
The service will allow iPhone owners to transfer money digitally to other iPhone users, Recode reported, citing sources familiar with the talks. (bit.ly/2plLxAB)
Apple will announce the new service later this year, one source told Recode, while another told the website an announcement and launch date may not yet be set.
The service, if launched, would compete with digital money transfer services such as PayPal’s (PYPL.O: Quote) Venmo offering, Square Inc’s (SQ.N: Quote) Square Cash, as well as services from big banks.
Apple was also in talks with payments network operator Visa Inc (V.N: Quote) to create its own pre-paid cards to run on the Visa debit network, and tied to the new peer-to-peer service, the Recode report