Apple working on a credit card to compete with Venmo

Apple Might Launch Its Own Money Transfer Service This Year

In addition, adoption rates for Apple Pay at major vendors can also vary and the service has also seen stiff competition from providers like Samsung Pay. People aren't inclined to pay a fee to send money to their friends when there are plenty of ways to do so for free, including Venmo. The prospect of Apple launching a debit card has irked may banks, since Apple's strong brand could commandeer a user's wallet. This would allow users to spend the money they get from the new peer-to-peer payments service instantly without having to wait for the money to clear in their bank account. Several sources inside big USA banks told Recode that Apple Pay usage has been lighter than expected since it launched two and a half years ago.

Apple takes a slim cut, reportedly 0.15%, off purchases made with a credit card through its Apple Pay wallet service. To pay, users have to hold their phone up to a card reader and press their finger on the Touch ID button in order to confirm their identity.

An Apple representative declined to comment on the report.

But Apple may be returning to an idea it tossed around in 2015 to attract more iOS users to the mobile-payment service.

BlackBerry smartphone with physical keyboard will be sold in Canada next month
Originally slated to launch by the end of this month, the Android-powered KEYone, will now arrive in the USA starting on May 31. Plus, BlackBerry has added its own security features features, making the phone secure compared to any other Android device.

A new report revealed that Apple is developing a Venmo remittance service, according to the U.S. site Recode, which may launch its own credit card. In other words, Apple is looking to build a Venmo competitor that would allow iPhone owners to transfer funds to and from others' iPhone handsets. Some argue that Apple plans to release an app by the end of the year, while others insist that Apple is nowhere near release. Why would Apple want to do that?

According to one source, Apple is hoping to announce the new service later this year, although a different source "cautioned that an announcement and launch date may not yet be set".

The company is also planning to launch its own prepaid cards that would run on Visa's debit network. Visa has been named as one of Jobs' Mob's partners and it is possible that the banks could pressure Visa into not working with Apple.

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