Apple in Talks to Launch 'Apple Cash' Money Transfer Service

Will this get folks onboard with mobile payments? The growing digital money-transfers market is now being lead by Chase's QuickPay service, which processed $28 billion in transfers previous year. That may be changing. Last year, 20% of American iPhone users reported using the service at least once. Companies that have jumped into P2P in recent years include Venmo, Square with Square Cash, and even Facebook with Messenger. Right now, Apple Pay supports online and in-app payments and in-person contactless payments, but the app only lets users send money to merchants.

The issue with peer-to-peer payment apps in general is that it's hard to make money off of them. Transaction volume for the USA alone is predicted to hit $282 billion by 2021.

'Just 13% of the estimated 680 million iPhone users have used Apple Pay, according to the research firm'. Since that time, it has grown considerably. There had been prior reports from 2015 that Apple was putting together a P2P service.

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.

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Long-time Apple analyst Gene Munster recently told the Wall Street Journal that he estimates Apple saw $36 billion in 2016 Apple Pay transactions, well below his original prediction of $207 billion.

The Cupertino company has been in discussions about developing its own "Venmo competitor", with the hopes of reviving its not so popular Apple Pay, according to Recode. PayPal is a prime example of this and its Venmo system is particularly popular among digital-savvy millennials. Many big banks, for example, have easy transfer features like Chase's QuickPay service or Bank of America's mobile money transfer. Venmo is positioned more as a true digital wallet for the socially active.

Apple wants a piece of Venmo's market. PayPal's Venmo followed with $17.6 billion in transactions.