Apple is working on its own Visa pre-paid debit cards - and bank executives hate it
Drew Angerer/Getty Images
The pre-paid debit cards would tie into an unannounced service that would allow iPhone users to send money to each other digitally.
But some bank executives are reportedly wary, and plan to complain at a Visa "summit" next week, according to Recode's Jason Del Rey.
Apple has been rumored to be working on a peer-to-peer money transfer service or app since 2015. If launched, the service would be a direct competitor to PayPal's Venmo app.
A peer-to-peer service would matter to Apple because the company is looking to increase recurring revenue from selling services to its users.
Apple takes a slim cut, reportedly 0.15%, off purchases made with a credit card through its Apple Pay wallet service. But Apple Pay adoption has underwhelmed since it launched in 2014. Loup Ventures analyst Gene Munster estimates that Apple saw $36 billion in total Apple Pay transaction volume last year.
5 Top Fintech Predictions by the BI Intelligence Research Team. Get the Report Now »
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24
- A case for investing in Government securities