Apple is allegedly working on a money transfer app to take on Venmo, and a new report suggests the service could piggyback on one of the its most popular apps. According to Quartz, the Cupertino company may update iMessage to let you send money to your friends.
Citing anonymous sources who “discussed the program with Apple,” the report notes that money transfers could be added to iMessage as a new feature. Apple’s messaging service is already one of the most-used iPhone apps, and it’s also extremely popular with younger users. That could help the company compete with Venmo, which also boasts a young user base.
It actually makes a lot of sense. Instead of texting your friends to remind them they owe you for dinner last night, you could just request the money directly over iMessage. Then again, Facebook tried something similar by baking payments into Messenger, and that feature hasn’t exactly taken off. Apple has a better reputation when it comes to privacy and security though, which might help win some people over.
If Apple is planning a major update to iMessage, we probably won’t hear about it until WWDC 2016, when the company typically announces big changes to its software. Hopefully we’ll learn more about the company’s plans before then, and we’ll be on the lookout for any new information as it surfaces.