Apple Pay Cash to Launch with iOS 11 and watchOS 4 Updates
Apple has officially confirmed that Apple Pay Cash will arrive this fall with an iOS 11 and watchOS 4 update. This peer-to-peer transfer service will allow users to send money to one another through Messages or with Siri’s help.
The payment transfers will be secured with Touch ID or Face ID, which will launch with the new iPhone X. Face ID uses 3D sensors and special face recognition technology to authorize a user to open the phone or access certain apps. This further enhances the security of Apple Pay and the services that accompany it.
Apple first announced the development of Apple Pay Cash in June, describing it as a digital debit card to hold funds from P2P transfers. The “card” can be used as a payment method with Apple Pay, or users can transfer money from it to their bank accounts.
Apple Pay Cash will be free to use for debit card transactions, but money transfers from credit cards will come with an industry-standard 3% processing fee. The funds will be available instantly when the transfer is issued.