Your iPhone Can Now Send Money Using Apple Pay Cash

Transferring money is made easy. Simply text your friend through iMessage just like you usually would, and then tap on the Dollar amount just within the sent message


BEAM Team

13 Nov, 2017

Your iPhone Can Now Send Money Using Apple Pay Cash | BEAMSTART News

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As consumers rush to impart their hard earned money for Apple's new flagship, the iPhone X, the company has revealed its latest feature where Apple devices are now capable to send money to other individuals. 

The Apple Pay Cash feature was introduced in June of this year and recently released in iOS 11.2 Beta. This new peer-to-peer payment method adds an Apple Pay Cash card to iOS's Wallet app, and simply lets you send and receive funds from any contacts via the Messages app.

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Transferring money is made easy. Simply text your friend through iMessage just like you usually would, and then tap on the Dollar amount just within the sent message. That would trigger a window to pop up from the bottom of the screen, revealing the amount of money that was discussed, alongside two buttons: "Request" and "Pay." Simply tap on the preferred one, and the transaction would start.

For the payer, the money will be deducted from your Apple Pay Cash card balance, and as for the payee, your funds would increase . Currently there are no transaction fees incurred to send or receive funds, but there could be charges on the software depending on how the account is funded. Connecting the account to a debit card is totally free, however a 3% fee is incurred if the account is funded with a credit card .

Even though Apple Pay Cash seem like a smart substitute to paper money, the program has its limitations. For example;

  • The minimum amount to send and receive is $1
  • A minimum of $10 is required to top-up your Apple Pay Cash account
  • The max transaction limit is $3,000 (which includes transferring funds back to your bank). 
  • Your top-up can't exceed $10,000 within 7 days
  • Apple Pay Cash accounts is unable to store funds above $20,000.

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By combining peer-to-peer payments with iMessage, the transition is seamless as users do not need to install a new app. However, Apple is fairly late to the peer-to-peer payment space, with contenders like Venmo, Square, and Paypal already in the game . 

Apple Pay Cash is presently only accessible to iPhone users who updated to the latest iOS 11.2 Beta.

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