Apple Reportedly Planning Peer-to-Peer Payment System

Nice scoop by Jason Del Rey at Recode:

The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, according to multiple sources familiar with the talks. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said.

One source familiar with the plans told Recode they expect the company to announce the new service later this year. Another cautioned that an announcement and launch date may not yet be set.

Del Rey also reports Apple is looking to create their own Visa debit cards, which would tie into the peer-to-peer service. The idea is, according to Del Rey, is to give users the ability to "spend money sent to them through the new service, without having to wait for it to clear to their bank account." Users could add the card to the Wallet app and use it at physical retail stores as well.

After having my debit card compromised three times, I got rid of it a few years ago. Apps like Square Cash are great, but they require a debit card to use. Thus, I'd love to see a competitor from Apple. I'd use it, especially if it were integrated with iMessage.