Apple rumored to be working on competitor to Venmo

Apple Venmo competitor

Apple is in talks to launch its own money transfer service similar to Venmo, according Recode.

Apple Pay continued its strong momentum, with the number of users more than tripling over the past year, and hundreds of millions of transactions and billions of dollars in purchases in the December quarter alone.

Apple declined to comment on the report, while Visa could not immediately be reached for comment. Apple could wait and launch the feature at a later date, or scrap the idea entirely of course. Venmo and Square Cash, meanwhile, let both Apple and Google's Android phone users move around money. NFCWorld reported in February that Apple Pay was at the top in the USA for retailer adoption at 36% (up from 16% the previous year), followed closely by PayPal and then Mastercard Inc's (NYSE:MA) Mastercard PayPass.

Re/code reports that Apple has been having discussions with the payment industry about the service that it's building. Last year, 20% of American iPhone users reported using the service at least once. The cards would work with the peer-to-peer service mentioned above. Many big banks, for example, have easy transfer features like Chase's QuickPay service or Bank of America's mobile money transfer.

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If money transfers through Apple Pay are indeed back on again, it could prove to be a massive boon to the company's platform.

But some bank executives are reportedly wary, and plan to complain at a Visa "summit" next week, according to Recode's Jason Del Rey. They are anxious that Apple will give its own debit cards preferential treatment. "If you are top of wallet, you are top of mind".

There is a chance that banks' fears may be overblown, however. But that's not necessarily the case, particularly if Apple doesn't offer any reason to switch cards. But it's not clear whether Apple is willing to fund such a rewards programs itself, and it seems unlikely that banks or merchants would do it for them.