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According to Recode, the company has been talking to its partners (mostly banks) about introducing some sort of option, which a source said could be announced as soon as later this year.

If the rumored program, which has seen several starts and pauses, ends up happening, it'll be a way for Apple to bolster Apple Pay. Rumor has it that Apple recently held meetings with other payment industry companies. However, that concept never took off, and we have not heard anything else about a service along those lines until now.

If Apple were to come up with its own Venmo-like offering, it could help boost the Service business but as Fox News reports it's likely more about keeping its users entrenched with Apple, read on...

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Apple Cash would fill a similar role as Venmo. In this way, parents would be able to send their students money, for instance, which would go straight to their digital debit account somewhat like PayPal. Considering Venmo's meteoric rise (100% year-over-year payment volume), along with Apple's massive installed user base (well over 500 million global iPhone users), the opportunity for the company could be huge. The service would presumably exist under the Apple Pay umbrella, enabling users to easily and quickly transfer money to each other in a manner not too different from Square Cash and Venmo.

The service would compete with the likes of Venmo and Square Cash, as well as offerings from big USA banks. As an extension of Apple Pay, Apple is reportedly looking to break into the peer-to-peer payment systems. The Wall Street Journal reported Apple analyst Gene Munster estimates Apple Pay saw around $36 billion in transactions during 2016.

One of the reasons Apple Pay's usage is low is that its service isn't accepted everywhere, yet. Loup Ventures analyst Gene Munster estimates that Apple saw $36 billion in total Apple Pay transaction volume previous year. In most cases, they've generally found minimal upsides to using a smartphone to make payments versus a traditional credit card or debit card.