The good folks over at Apple are back in the news, this time making it a bit easier to pay with Apple Pay. Apple Pay Cash allows you to make and take payments on a peer-to-peer basis while using the iMessage application. The payments using Apple's debit card will be free using Apple Pay Cash while transactions via credit card will be accompanied by a 3% fee, with a $3,000 United States dollars limit set for individual payments.
Apple released a full overview of the new feature that allows iPhone, iPad, and Apple Watch users with the latest iOS 11.2 to transfer money easily. The new feature is only available for the users in the US.
There's no need to install an app or create a new account to send and receive money with Apple Pay. Money you receive will be added to the Apple Pay Cash card in your Apple Wallet.
Apple has expanded their cash/cardless ApplePay system to allow direct person-to-person payments, just using the native Messages app on iOS devices and Apple Watch OS. US users now have the ability to send and receive peer-to-peer (P2P) payments via Apple Pay in the firm's messaging platform, iMessage. Users can withdraw the money to the bank account, and use it to send it to other people.
Apple says the transfers are secure on both ends of the transaction with Apple Pay. All transaction maximums can also be affected by limits on a user's available balance on their debit or prepaid card or limits from their bank or card issuer.
The minimum amount of money that can be added to an account from a user's U.S. debit card or prepaid card is $10 per transaction, while the maximum that can be added in each transaction is $3,000. In addition, it can only be done if Apple Pay Cash is already set up in an iPhone running on iOS 11.2.