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November 8, 2017

Apple Pay Cash gets you money fast, but spending it will be tricky

by John_A

Want to send cash without leaving the comfort of your iMessage screen? Apple released Apple Pay Cash earlier this week in the iOS 11.2 beta 2. The new feature allows iPhone users to send and receive payments to each other through the iMessage app.  

Apple joins a host of other services including Venmo, Zelle, PayPal, and Google Wallet in the peer-to-peer payment industry. It partnered with prepaid debit giant Green Dot to offer free payments between iPhone users. Even though Apple is coming late to the game with Apple Pay Cash, the company is trying to make the product a standout in terms of convenience and ease of use.

While Apple Pay Cash joins number of other payment services, there are several big differences that makes the service unique. The biggest difference is that the service only available on the iPhone. iPhone users who want to make payments to Android users will have to use an alternate service to process peer-to-peer payments.

You’re also unable to transfer Apple Pay Cash payments to your bank. Credits in your account can only be used at places where Apple Pay Cash is accepted. Although the limitation may not be a big deal for smaller transfers, it could make using it for larger transactions less attractive to some users. It  also means smaller businesses that are not set up to accept Apple will not be able to process these payments.

One of the most interesting features of Apple Pay Cash is the ability to send and receive funds in real time. While Zelle began offering almost instant transfers earlier this year, it involves a lengthy verification process with your bank on your first use. Apple chose to go an alternate route, using the credit or debit card in your Apple Wallet to fund transfers.

If you want to try Apple Pay Cash, you’ll need to be part of the iOS Beta Program; you can join by clicking here. You’ll also need to have two-factor identification enabled. Finally, you’ll need to have a credit or debit card in your Apple Pay Wallet.

Editors’ Recommendations

  • Apple Pay Cash could be available in iOS 11 by the end of October
  • Everything you need to know about Android Pay
  • Here are all the places that support Apple Pay
  • Venmo competitor Zelle is finally launching a mobile app
  • Don’t wait for a money transfer in Venmo — just use its debit card




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