Apple has launched a new payment service to take on Venmo.
Apple Pay Cash will allow users to make personal payments over iMessage or make purchases using money stored on a virtual debit card in the Wallet app.
The firm rolled out Apple Pay Cash today for US customers who have downloaded iOS 11.2 and watchOS 4.2.
Apple Pay Cash will allow US users to make personal payments over iMessage or make purchases using money stored on a virtual debit card in the Wallet app.
Apple Pay Cash uses the debit or credit card linked to your Apple Pay account.
‘Beginning today, Apple customers in the US can use Apple Pay to send and receive money with friends and family quickly, easily and securely,’ the firm said.
‘Whether splitting a bill, paying someone back or sending a last-minute gift, Apple Pay makes it easy to pay and get paid, right in Messages.’
With the new feature, you can add money to the virtual card, or transfer the balance to your bank account.
The Apple Pay button will appear in the apps section of Messages, according to TechCrunch, allowing you to send money to other users.
Or, you can prompt a transaction by sending or receiving a message asking for money.
The process requires two-factor authentication for Apple ID.
Once the money arrives to the Apple Pay Cash card, it’s immediately usable anywhere that accepts Apple Pay.
The Apple Pay button will appear in the apps section of Messages, according to TechCrunch, allowing you to send money to other users. Or, you can prompt a transaction by sending or receiving a message asking for money
‘When you receive money it’s added to your Apple Pay Cash card that lives in the Wallet app,’ according to Apple.
‘You can start using the cash right away to make purchases using Apply Pay in stores, in apps, and on the web.
‘You can also transfer your Apple Pay Cash balance to your bank account.’
The firm rolled out Apple Pay Cash for its public beta program, and it’s set to arrive to all customers with iOS 11.2 and watchOS 4.2
Apple has teased the service for some time, first revealing it back in June at WWDC.
While it was first said to be coming with the release of iOS 11, its release was delayed.
Now, beta users have begun to test out the service, which will roll out publicly with iOS 11.2 and watchOS 4.2.
According to TechCrunch, Apple is working with Green Dot to power the financial side of the new service.
There’s no fee for debit card transactions, while an ‘industry standard’ fee will apply for money funded with credit cards.
To add money to your Apple Pay Cash card, open the Wallet app, tap Apple Pay Cash, and then tap the info tab.
There, you’ll be shown an option to add money, with the minimum being $10.
Apple has launched a new payment service to take on Venmo. Apple Pay Cash will allow users to make personal payments over iMessage or make purchases using money stored on a virtual debit card in the Wallet app
Then, tap ‘Add,’ and confirm the card you want to use.
Once it’s all ready, confirm with Face ID, Touch ID, or your passcode.
Your balance will appear in the upper-right corner.