Apple May Be Trying to Kill Venmo, but Will It Work?

Apple may be working on its own peer-to-peer payments service. But if it does, it's entering a very crowded space.
By Chris Ciaccia ,

Apple (AAPL) - Get Report may be working on its own peer-to-peer payments service, according to a new report from The Wall Street Journal. Butif it does, it's entering a very crowded space.

Apple may be working with U.S. banks, according to the Journal, which would pit it against the many services already out there. PayPal (PYPL) - Get Report , which was recently spun off from eBay (EBAY) - Get Report , is perhaps the most well known, with more than 140 million active accounts. PayPal also owns Venmo, which has become popular with people under the age of 30, for its ease of use and quick access to cash.

PayPal traditionally takes between three and five days to transfer to your bank account, depending upon the bank.

Aside from PayPal and Venmo, there are a number of other companies in the space. Square, Snapchat, Alphabet's (GOOG) - Get Report (GOOGL) - Get ReportGoogle and Facebook (FB) - Get Report all offer their users a way to make payments between themselves and other parties, using slightly different features and variations.

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