Apple Pay Cash available to iOS 11.2 beta users
How well will it rival Venmo?
Apple has been waiting to release their Venmo-like Pay Cash, and they finally did, sort of. Apple is soft launching peer-to-peer money transfer through iOS 11.2 directly through the Messages app. Apple Pay Cash will soon be available to earlier iOS versions.
Both parties in the transfer need to have the iOS 11.2 beta, and if you both are, you will automatically be enabled to send money electronically via the Messages app. You will need to have Apple Pay set up through your device in order to send money. You also need to have $10 already on your account and two-factor authentication enabled. The money will either come or go to your card set up through Apple Pay.
The first time you exchange money, you will need to accept and opt-in to accept a new virtual Apple Pay Cash card. This card can only be used for Apple Pay, so it’s not available to use everywhere. The card is multi-faced, and this is so you can send and receive funds immediately. As long as you are spending your money with Apple Pay, you will be able to use your funds ASAP, even while waiting in the drive-through at McDonald’s.
With other competitors, like PayPal and Venmo, you either need to pay or wait over 24 hours to get your funds. Now, with Apple Pay Cash, you can get your funds immediately. It’s a smart move from Apple and it will be interesting to see how rivals answer.