The pre-paid debit cards would tie into an unannounced service that would allow iPhone users to send money to each other digitally.
These services can be used for anything. Keep in mind that Apple has been rumored to be setting up such a P2P (peer-to-peer) money transferring system before. In addition, adoption rates for Apple Pay at major vendors can also vary and the service has also seen stiff competition from providers like Samsung Pay.
AAPL contacted several banks about launching a similar product back in 2015, but those discussions never materialized into anything. Venmo registered about $17.6 billion in transfers in 2016, and Chase's QuickPay service cleared around $28 billion. It probably won't charge its customers for using the money-transfer service, so the only way it can earn money is through its own debit card.
According to Recode, Apple also has held talks with Visa about working together on a Visa prepaid debit card to fund P-to-P payments.
Apple Working on Venmo Competitor
The white Lexus RX450h SUV emerged from an Apple facility and was fitted with an array of sensors, a person who saw the vehicle and provided photos to Bloomberg News said.
The merchant angle is probably making Apple nervous, since it's failed to reach a critical mass with its Apple Pay service, more than two years after launch.
Thereafter users are able to add the debit card, which comes only in digital form, to respective Apple Pay digital wallet to use for tap-and-pay purchases at brick-and-mortar stores. The Apple Pay app already has banking infrastructure on side, and has security measures built into the app that allow for safe transactions. But that's not necessarily the case, particularly if Apple doesn't offer any reason to switch cards.
Unfortunately, it seems that the service will be available to a limited number of people, and may only be available to users of iPhone phones, which makes them useless, especially if some parties rely on the Android system.
Switch boon for Nintendo as profits jump 121 per cent
Software sales were also strong, selling over 55 million copies of 3DS games, which is a 14% increase over the previous year. Kimishima said Nintendo would be spending more this year on promotion to sell the Switch, putting a drag on operating profit.