ReCode is out with a report that Apple (NASDAQ:AAPL) is expected to push further into the Fintech space by providing a Venmo-like peer to peer money transfer service. Jason Del Rey, writing for ReCode, predicted the new service would be called Apple Cash – thus following a consistent naming protocol as Apple already has “Apple Pay” – a service that is used by millions of consumers around the world.
ReCode is a solid source too. The digital news publisher has a long and storied history of tipping off the public to forthcoming Apple products and features so you can, pretty much, put this one in the bank. The ReCode source cautioned that an announcement date had not yet been set – but if its being leaked – it must be soon.
This is pretty much a lay-up for Apple. They have been kicking around the Fintech space for some time now. The formation of Financial Innovation Now (FIN) tipped off the entire planet they were serious about pushing further into financial services. And to be clear, Apple is no trailblazer in doing this as big tech in China has been moving into the financial services (or internet finance as the Chinese call it) space for years. It just simply makes sense. The biggest challenge for Apple is the myriad of regulations they must endure to launch any type of financial service. The most challenging regulatory regime is the U.S of A and its byzantine cornucopia of agencies and commissions. But then Apple is the largest company in the world with plenty of resources to back up any new and innovative Fintech service.
Perhaps a better question is what follows payments? I bet my boots that one day, in the not too distance future, it may be Apple Bank.