For the last few years, the rumors about the Apple is launching its own payment app. Now maybe 2017 is a year in which the company will actually launch the payment app. The Apple will compete for the Venmo-like service for the payment. You will able to send the money to your friends, family and as well as the Apple on buying the product.
According to the MacRumors report, the Company payment app will be known as the “Apple Cash” app. It is expected the company will launch the app just after the few days from the release of the iPhone8.
The Apple didn’t confirm when will be the app released and give not much information about the App. In the last year, we heard the rumors the company is talking to the US banks for the collection of payments and for the other transactions.
According to the report, the app development process is earlier in the stage and in this year the company will complete the operations and released the app in the fall.
For this payment app, the rumors are the Apple will alliance with Visa for the payment. The users will get a pre-paid cards that are linked to the Apple’s peer-to-peer service, but the operations would be charged by the Visa’s debit network. It is expected the app may be linked with the Apple Pay also.
Cherian Abraham, a digital payments executive at Experian said in a statement that:
“Banks spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay,” said Cherian Abraham, a digital payments executive at Experian. “So it’s justifiable to be concerned that Apple will have its own card and could potentially be top of wallet. If you are top of wallet, you are top of mind.”