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Report: Is ‘Apple Cash’ on the horizon?

BY CSA STAFF

Apple may be the next company to provide a money-transfer service.

Sources said Apple has recently held discussions with payments industry partners about introducing a program that would allow iPhone owners to send money to each other digitally, according to ReCode.

If Apple’s plan pans out, its service will rival offerings from big U.S. banks, as well as PayPal, its millennial-popular subsidiary Venmo, and Square Cash, the report said.

When will Apple pull the trigger? That remains unclear, as one source told ReCode that the company could announce the new service later this year, while another cautioned that an announcement and launch date may not yet be set in stone.

This is not the first time Apple has considered this idea — the company discussed the option with banks in 2015, the report said.

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