Apple is said to be planning to launch a Venmo-like service for iPhone users. 

Venmo is a free computerized wallet application available on the mobile platform and linked to PayPal. It is used to transact and perform payment-related services putting to use the user's iPhone. Apple is allegedly planning to come out with the service quite soon, conceivably at the same occasion when its new iPhone - the anniversary edition - makes its debut.

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On Thursday, reports revealed that Apple had held talks with Visa for its prepaid debit cards. The debit cards would permit all iPhone users to send and get cash to other iPhone users in a secure manner. 

According to Business Insider, Apple has been taking a shot at a shared cash exchange administration since 2015. If launched, the application would be an immediate contender with Venmo. With this application, users can split a bill, pay for their taxi, and do a great deal more.

The yet-to-be-named Apple payment service would also have a noteworthy association with Visa to permit users to take electronic prepaid cards that would keep running on Visa's charge framework but be tied specifically into Apple Pay. According to MacRumors, users of this application could get paid through the "Apple Cash," ready to use the Visa card and spend their spared cash at a retail location or on the web. 

To get the numerous clients, Apple could target the youth with the new service. However, there are still many questions about Apple and Visa's potential association and Apple's particular debit cards.