Report: Apple working on Apple Pay for individuals


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Apple's on-again, off-again flirtation with building its own money-transfer service appears to be back on.

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 rumored service could launch later this year.

This seems like a no-brainer if Apple can work out the logistics. Given the number of iOS devices out there, it would seem really attractive for people to transfer money via something similar to Apple Pay. Another reason to set up Apple Pay could also help spur additional interest in using Apple Pay with merchants.