Finally, Apple Pay Cash has arrived. If you update your iPhone, you can now send cash through a text message.
This feature enables users to send money to other iPhone users through the Messages app. However, Apple Pay Cash is only available in the US, for now. And you can only use it if you update your iPhone to the latest iOS version.
A competitor to Venmo
With its features, it surely is a competitor to similar apps, like Venmo and Square Cash. Apple announced it in June during its developer’s conference. It was supposed to be part of the iOS 11, which is the latest version of iOS and released in September. However, the company delayed it until the iOS 11.2 release.
Although Apple Pay Cash has tons of features, it only works with iPhone. Thus, you can only send payment using it through an iPhone, iPad or Apple Watch. Although it’s only available to some users, for now, Apple promised to roll it out to all iPhone users this week.
To use it, you need to update your iPhone first and set it up. Open iMessage. Tap the App Store icon. It is next to the box where you can type your message. After that, tap the Apple Pay icon. To set up your iPhone, go to Settings, tap Wallet and Apple Pay.
You also need to verify your identity. To verify, enter your SSN and date of birth. You also have to confirm your legal name and address. Then, of course, agree to the terms and conditions of the service. In the terms and conditions, Apple stated that it’s partnering with Green Dot Bank to offer Apple Pay Cash.
The service is free to use. That is, you can send money for free if you use a debit card. On the other hand, if you use your credit card for the transaction, your card will be charged 3 percent per transaction.
You can fund your Apple Pay account through your linked bank accounts. In that way, Apple Pay Cash won’t pull your credit or debit card for every transaction you make. The service will get money from your linked bank account when making a purchase.
You can always choose from which account to fund your payment. From there, confirm your payment with your passcode, fingerprint or face.
When entering your bank account information, you need to input your account number and routing number so that you can link your Pay Cash account to your bank account. It is also possible to tell Siri to send money through Apple Pay Cash.
Are there limits?
Unfortunately, there are some limits in sending and receiving money with Pay Cash. When adding cash, there’s a minimum $10 requirement for every transaction and a maximum amount of $3,000. Over a seven-day period, a maximum of $10,000 can be added.
You can send and receive cash with a minimum of $1 and a maximum amount of $3,000.
Despite the limits, it could still help you eliminate the hassle of paying through the paper currency when paying your friends for stuff. We’re hoping that this feature will be widely available in time for the holidays.