Apple is in talks to launch its own Venmo

Apple is in talks to launch its own Venmo

Most of those surveyed used the service sparingly.

Systems like Samsung Pay and Apple Pay generally rely on near-field communications and hardware to process payments.

Customers can then use either their iPhone (or linked Apple Watch) to pay at retail stores equipped with point-of-sale registers supporting near-field communication (NFC) technology, which enables frictionless payments between smartphones and registers.

Apple is desperate to prop up its Apple Pay service.

Apple was first rumored to be looking at launching a P2P payments service back in 2015.

With the new feature, Apple will become a direct competitor to such person-to-person payment platforms as PayPal's Venmo, and Square Cash.

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Apple Inc. wants a slice of a peer-to-peer money transfer market and is now working on a Venmolike money transfer service, according to a report published Thursday.

On Thursday, a report claimed that Apple has held talks with Visa talking about its own pre-paid debit cards.

However, the service has struggled to make a significant impact on Apple's bottom line.

The service is likely to be announced later this year, but the report state s there is no confirmation on it yet.

Apple Pay was released to the iPhone 6 in 2014, allowing users to store their Visa, MasterCard and American Express credit cards in their smartphone. One of those ways is a debit card.

Gene Munster, who is a managing partner at Loup Ventures, a venture-capital firm specializing in tech research, recently told The Wall Street Journal that he estimates Apple saw $36 billion in 2016 Apple Pay transactions - he initially predicted of $207 billion. These cards would be tied to the service, giving iPhone owners a physical product as well as a digital one. The Apple Pay app already has banking infrastructure on side, and has security measures built into the app that allow for safe transactions. Bank executives are not happy about Apple working with Visa, and plan on letting Visa know that at an annual summit that is set to be held next week. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China. Apple Music obviously hasn't stopped Spotify from growing quickly, and an Apple-backed money transfer service wouldn't necessarily upend that market, either.

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