Recode: Apple in talks over launching Venmo payments rival

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (NASDAQ:AAPL) is in talks with payment industry partners, restarting chatter about a possible launch of its own peer-to-peer money-transfer service, Recode reports.

Such a move would resurrect speculation from a couple of years ago, and put it in competition with entrenched service Venmo (PYPL +6.9%), popular with young customers, among others -- and would likely be a long play considering that the services tend to be money losers for new entrants.

Apple's also talked with Visa about creating prepaid debit cards tied to such a new service, Recode says -- which could boost usage of Apple Pay that's been lighter than expected.

Banks that partnered in the rollout of Apple Pay may not be thrilled with Apple launching a debit card that could be "top of wallet" instead of their own, though.