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  • 04.27.17

Report: Apple may be developing a Venmo competitor

Apple has big ambitions when it comes to mobile wallets, but the Cupertino, California, company has been off to a slow start. Two and a half years since the launch of Apple Pay in the U.S., for example, less than 1 in 10 iPhone users have tried the service. 

Now Apple is looking for another way in. According to Recode, the company is in talks with payments industry partners to develop a cash-transfer service similar to Venmo. Apple has also considered developing a pre-paid debit card in partnership with Visa, Recode said. Both offerings, in theory, would support broader Apple Pay adoption by giving users more reasons to transact within the Apple ecosystem. 

Peer-to-peer payments has become an increasingly crowded space. Zelle, a P2P network backed by big banks, processed $55 billion in transactions last year, while Venmo processed $17.6 billion. Earlier this month Facebook debuted group payments in Messenger. AH