Apple debuted Apple Pay Cash with the iOS 11.2 update last Wednesday, Dec. 5.
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 with ease. Using the iMessage app, Apple users can easily transfer money to other people, while the Wallet app will allow people to purchase from physical and online stores and transfer money to a bank account or from a debit or credit card.
The new feature will work with Siri, according to recent reports, and will not require a new app. Anyone using the iMessage and Wallet apps will be able to receive and send money as soon as they update to iOS 11.2 and restart their devices.
For users worried about possible information theft or other security issues, Apple guarantees security along with the convenience of Apple Pay Cash. 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.
Meanwhile, Apple Watch users will need the latest watchOS 4.2 before they can start using Apple Pay Cash, according to 9to5mac. In addition, it can only be done if Apple Pay Cash is already set up in an iPhone running on iOS 11.2. Once set up, though, Apple Pay Cash will then be available for the Apple Watch in both Messages and Wallet apps.
Although Apple Pay Cash may be useful for financial matters, users should also take note of the various limits of the feature. Once the account is verified, each person can have a maximum balance of $20,000. For person to person transfers, there is a minimum of $1 and a maximum of $3,000 per transfer, along with a $10,000 weekly maximum. The same minimum and maximum limits per transaction apply for bank transfers, but the 7-day limit is higher at $20,000 per week. Finally, for debit or prepaid credit card to Apple Pay Cash transfers, there is a $10 minimum and a $3,000 maximum per transfer, with a $10,000 weekly limit.