Apple is in talks to launch its own Venmo

Apple Pay VP Jennifer Bailey    
   Justin Sullivan  Getty

Apple Pay VP Jennifer Bailey Justin Sullivan Getty

For a little while, Apple's been going back and forth on whether to develop a money transfer system that's similar to existing apps such as Venmo and Square Cash.

Money-transfer apps are extremely popular now, and integrating such a service into Apple Pay could push millions of iPhone users to get on board the company's payment platform.

PayPal reported first-quarter results yesterday, and said Venmo total payments volume (TPV) more than doubled year over year to $6.8 billion as the service continues to gain momentum. The service would let iPhone owners send money digitally to other iPhone owners. While you can use it to pay for merchandise that you pick up in stores, or even purchase stuff online, for some odd reason, the company did not see fit to allow people to transact between themselves. At the time, it made sense to leave P2P to other companies while focusing on the relatively harder challenge of pushing adoption of contactless payments among both merchants and consumers, or person-to-business (P2B). There had been prior reports from 2015 that Apple was putting together a P2P service.

By some measures, Apple Inc.'s (NASDAQ:AAPL) Apple Pay has been a success, especially over the past year. It handled $7.5 billion in transactions in 2015, and almost $3.2 billion in the first quarter of 2016.

Mayor finds closure in death of Facebook suspect
Cleveland police say they believe Stephens had two electronic devices during the Easter Sunday killing of Robert Godwin Sr . Stephens shot himself in the head after police made contact with the back of the Fusion to bring the vehicle to a halt.

To that end, another report claims Apple Pay may actually leave the iPhone in the form of a physical prepaid debit card, which could use those funds acquired through money transfers.

Apple Pay usage has been lighter-than-expected since its launch two and a half years ago, the website reported, citing sources from big US banks. Ideally, the cards would only work where Apple Pay is accepted.

Still, limiting the payments service to Apple devices only seems absurd - here's hoping Apple opens up its walled garden just a little bit, should the product ever come to fruition.

Apple wants a piece of Venmo's market.

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