Mobile payments are nothing new, with the likes of Apple, Samsung, and even LG putting out their own spin on a phone-based wallet, but Apple may have something in the works that could make theirs stand out.

Rumor has it Apple is working on a money transfer service akin to the PayPal-owned app Venmo, allowing fellow iPhone owners to send cash to each other directly, according to Recode.

A source in the report claims the new Apple-powered payment service will be announced later this year — possibly during this fall’s iPhone 8 announcement — though another source claims an announcement date and launch window have yet to be determined.

The report also says Apple is in talks with credit card company Visa to create its own debit cards. These pre-paid cards would allow iPhone users to send money to each other via Apple’s payment service and make purchases immediately, rather than marry a credit card to your Apple Pay or wait for a bank transaction to clear.

This isn’t the first time we’ve seen reports of an Apple-branded, Venmo-like service come up, though we still recommend taking such reports with healthy skepticism until confirmed. 

If we’re lucky, we may learn more about Apple’s plan to replace your wallet during Apple’s annual WWDC event, which is set for June 5-9 this year.

Source: techradar – Gadgets
Apple may launch its own person-to-person payment service this year