As per the Thursday’s report, Apple has communicated with Visa to build its own pre-paid debit cards. Pre-paid debit card allows iPhone user to transfer money to each other digitally.
Some bank executives are not happy with the Apple’s pre-paid debit card idea. They plan to complain at Visa in the upcoming week.
The firm has been supposed to be working on end-to-end money transfer service from last two years. If Apple has successfully come up with service, then there is tough competition between Apple’s service and PayPal’s Venmo app.
Apple’s peer-to-peer service would be important because the firm is focusing on increase revenue from the services.
Last year, Apple observed $36 billion Apple Pay transaction volume.