10 October 2017
Apple’s widely used mobile payment and digital wallet “Apple Pay” has been on an expansion spree and has added a number of countries and various financial institutions in its journey so far. In an attempt to extend it further, Apple is now releasing a peer-to-peer method of payment that enables iPhone, iPad, and Apple Watch users to send and receive money. Apple recently filed a trademark application for Apple Pay Cash in European Commission.
It is confirmed that Apple Pay Cash will miss the iOS 11 launch but will be released as part of a future update to iOS 11 and watchOS 4. Apple had already added a "Coming This Fall" label to Apple Pay Cash on its website, so it was pretty obvious that the new feature won't be available on iOS 11 launch day. Pursuant to the update, Apple Pay users will be able to send and receive money from friends and family quickly, easily and securely.
The feature can be used within the Messages app without the need of any extra steps. Simply tap on the App Store icon, select Apple Pay and enter the amount you want to pay. This means that the peer-to-peer payment solution won’t be available in markets where Apple Pay isn’t supported. When you tap the pay icon you will be asked to select your credit and debit cards in the Wallet app. Some sort of authentication would definitely be required with Touch ID or Face ID. You can also tell Siri to pay someone. The only caveat is that while paying through credit card, a 3% fee will be levied but this is in line with the prevalent industry standards. You can make use of the debit card to avoid the fee.
Similarly, you will receive the money in the form of an Apple Pay Cash virtual card in the Wallet app. You can use it for making purchases in the iTunes and App Store. Customers can also withdraw the funds to their bank account.
Apple Pay Cash will only be available in the United States when it launches but we hope that the service will gradually roll out to there countries as well.