Apple May Go After Venmo, But Why?

In a bid to potentially boost its Services business and strengthen its ecosystem, Apple (NASDAQ:AAPL) may further strengthen its role in mobile payments, potentially going after Venmo in the process.

According to a report in Re/Code, Apple may look at having a money-transfer service which would allow iPhone users to send money to other iPhone users.

Apple has discussed the idea in the past, as recently as late 2015. At that time, Apple was said to be working with several U.S.-based banks about the service, but nothing came of the talks.

If Apple were to come up with its own Venmo-like offering, it could help boost the Service business but as Fox News reports it's likely more about keeping its users entrenched with Apple, read on…