Apple could launch its own debit card service later this year

by Fredrick Graves April 30, 2017, 1:01
Apple could launch its own debit card service later this year

iPhone owners would have a separate account, possibly tied to their Apple ID, and a digital wallet to which they could wire money.

Recode is reporting that AAPL has held discussions with financial industry partners about the possibility of introducing its own digital money transfer service to take on the likes of Venmo.

Additionally, Apple is reportedly in talks with Visa about creating their own pre-paid debit card service that will be linked with the in-house payment transfer service.

When will Apple pull the trigger? Sources speaking with Recode told the publication they expect the company to announce the new service later this year, although of course they warned that plans can still change. The Wall Street Journal previously reported that Apple was looking to launch person-to-person Apple Pay mobile payments previous year, although obviously nothing came of it.

Some bank executives, however, are concerned about the partnership between the credit card company and Apple and are going to raise concerns that Visa is hosting for its bank partners.

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Apple now offers some services through Apple Pay, but the idea of a peer-to-peer system that works not only with commercial establishments but also between users expands on that concept.

How successful such a feature would be depends on what Apple has in mind and how it will differ from existing technology and services.

All the while, P2P has seemed like an opportunity for Apple Pay to expand into. Third-party apps that are popular among the masses are PayPal, PayPal-owned Venmo and Square Cash. "So it's justifiable to be concerned that Apple will have its own card and could potentially be top of wallet". Reports coming in from various quarters suggest that the Cupertino giant could well facilitate peer to peer payments as early as this year itself. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China.

Visa's reported involvement, however, adds a new dimension to this approach.


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