If someone sends you money using Apple Pay, you could be able to use this balance using this card. These apps already offer seamless money transfer between users regardless of bank affiliation or what type of smartphone a user owns.
One source tells Recode that the service could be introduced by the end of 2017, while another remains unconvinced that Apple has set the timing for either an announcement or an official release.
Apple Pay usage has been lighter than expected since its launch two and a half years ago, the Web site said, citing sources from big United States banks. It would work with the new P2P service by allowing those wired funds from an iPhone user to have access to that money instantly, instead of waiting for the money to hit the user's bank account.
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Apple had previously had discussions with banks about such a service back in 2015, although nothing ever materialized. For example, 2016 saw Venmo move $17.6 billion in total cash while QuickPay processed about $28 billion in the same period.
Apple may be the next company to provide a money-transfer service. The goal then wouldn't be to charge a fee for each peer-to-peer transaction, but to encourage users to also make purchases with the card, for which Apple does charge a fraction of a percentage.
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Apple has a financial incentive for the card as well. The success of Venmo and Square Cash proves that. The service would likely be more deeply integrated with iOS than competing services would be and it could help to boost usage of Apple Pay, especially if Apple got that prepaid debit card that it's rumored to be in talks with Visa about. "So it's justifiable to be concerned that Apple will have its own card and could potentially be top of wallet".