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.
The new service could be launched as early as this year and would rival Square Cash, PayPal's Venmo, Chase's QuickPay, and others. Apple has reportedly been in discussions with Visa about creating its own pre-paid cards that would run on the Visa debit network and be used with its peer-to-peer service. For example, you could use the Apple cards to spend money sent to you through the service without having to wait for the funds to clear at the bank.
Additionally, you could add the debit card, which may just be a digital card, to Apple Pay for purchases at stores and online.
The banks are reportedly unhappy about the idea of Apple getting a debit card and plan to raise their concerns with Visa during an annual summit next week.