Apple Pay Cash and person to person payments limits

Apple Watch software update

The initiating person (the payer) loads the appropriate credit or debit cards into their phone to be used in ApplePay in the Wallet app. For those who are passionately dedicated to the Apple ecosystem, it has an appeal.

Banks and processors contacted for this story referred all questions about Apple Pay Cash to Apple, which declined to comment on the toll banks pay for Apple Pay.

When users get paid, the money they receive is added to their new Apple Pay Cash card that lives in the Wallet app.

Apple customers who don't already have Apple Pay set up on their supported device can still receive money from friends and family without needing to install a new app or add a card to Wallet.

The new system is available now through the iOS 11.2 update. You can force the update by visiting Settings General Software Update. However, you can send payments using the service via an iPhone, iPad, or an Apple Watch. So open up the Messages app and tap on a conversation thread of the person you want to send money to. According to the official release, each transaction will require verification with either the Face ID on the iPhone X, the Touch ID on other iPhone and iPad models, or a secure password on the Apple Watch. On Monday, Apple finally launched Apple Pay Cash, its own person-to-person payment system. Androids and other non-Apple devices are not supported.

On Tuesday, Apple announced in a press release that customers in the states can use Apple Pay to send money to friends and family "quickly, easily and securely".

Two-factor authentication must be enabled for your Apple ID account. Note that setup also requires re-entering your credit card digits. But if you don't plan to spend it from there, you can instead transfer that money to your bank account.

Here's what it looks like when you send or request money.

. Just tap the A icon to open it.

If all of those describe you, then read on. Users will also be able to make secure purchases in stores, through apps and for online shopping with the expanded services.

You can also use Siri to pay someone, but that's something also offered by Venmo.

What Can You Do with Your Apple Pay Cash Balance? Some may like like this, but it seems like an invasion of privacy to me.

You'll also have to agree to Apple's terms and conditions. Discover claims more than 90% coverage in the USA, and most merchants that accept Apple Pay also accept Discover. Google Wallet, also available for iOS, adds the ability to split payments among multiple recipients. You can use that balance either by dumping it back into a connected bank account or to pay for something else via Apple Pay or Apple Pay Cash.

"Apple Pay Cash creates a whole new tender type, and while it may only represent a small stream of transactions now, it will be interesting to see how actively consumers adopt it for making purchases", Crone said. You'll then be asked to link a debit card with Apple Pay Cash.

Should You Pay the Apple Way?

The new Apple Pay Cash services are part of a free iOS 11.2 operating system update available from Apple for iPhones and iPads, and as part of a watchOS 4.2 update that will be available for Apple Watch models. In addition to that, Venmo, our Editors' Choice payment app, offers a richer slate of payment options. The process is identical for adding any other credit card to Apple Pay.

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