Learn everything you need to know about the new Apple P2P payment system
That one friend, the one who still hasn’t repaid you for pizza because he “doesn’t have the right app,” is in trouble.
Today, iPhone users can access what experts in the tech industry are calling “the Venmo Killer”: Apple Pay Cash. Apple Pay cash is a P2P payment service which allows users to send and receive payment through iMessage
The days of P2P fragmentation are over. Thanks to Apple Pay Cash, all money transfers can take place through a central, default iOS application, and ultimately unify all P2P transactions under one secure, and intuitive, system.
How to use Apple Pay Cash
After updating to iOS 11.2, iPhone users can set up Apple Pay Cash in the Wallet App. After setup, users can send or request funds in iMessage by either selecting Apple Pay Cash from the redesigned app drawer, or entering payment amount directly into a text message. Users will be asked to provide a fingerprint for identity verification, and then the transaction will be approved. All transactions are encrypted, and come with no additional charges for debit card users.
How to access funds
Funds will appear on the Apple Pay Cash Card, which is stored in the Wallet App along with debit and credit card information. The Apple Pay Cash card is a revolutionary, virtual card developed in partnership with the electronic payment company Green Dot. The card acts as a virtual bank account, so funds can be spent online or anywhere that accepts Apple Pay such as Starbucks or Walgreens. And, unlike competing P2P payment applications, Apple Pay Cash funds are available immediately when using the Apple Pay Cash Card.
There is no registration process for the Apple Pay Cash card. The virtual card is automatically generated when funds are sent to your account. The card will go where you go — money is stored in an encrypted account within Apple iCloud and can be accessed from iPhone, iPad and Apple Watch. Apple Pay Cash funds are secured behind leading verification protocols to keep money secure in the event of a lost or stolen phone.
Money can also be transferred directly into a bank account electronically or, better yet, directly into your rapid! PayCard by simply inputting Bank Routing and Account Numbers from the Access App. Remember, fintech systems recognize your rapid! PayCard as a bank account.
Why Apple Pay Cash is changing P2P payment
A 2017 Bank of America report found that 68 percent of respondents use P2P regularly, while a mere 10 percent used cash everyday. The prognosis for the decline of paper money is fairly obvious — electronic payment is simply more convenient. Times are changing, and technology is finally catching up to consumers’ desire for instant, secure payment in the wake of the technological revolution. Apple Pay Cash is what every iPhone user has been waiting for: first-party P2P payment integration into existing iOS applications.