Apple Pay Cash was first introduced at Apple’s Worldwide Developers Conference in June as part of iOS 11. While the company never gave an exact date, it was confirmed the feature would be available later this fall. It’s now possible it will be available by late October, according to a footnote on the Apple Watch Series 1 page via Apple’s website, 9to5Mac notes.
Apple’s contactless payment service — Apple Pay — first launched in 2014 and now works at more than 4 million locations. It’s compatible with your iPhone, iPad, Apple Watch, and Mac, and has become a faster and more secure way to pay. With iOS 11, Apple introduced an extension to the mobile payment system known as the Apple Pay Cash card.
Using the credit or debit cards stored in the Wallet app, you are able to send and receive money through iMessage. The latest feature works within the iMessage app and can be found in the App drawer that appears on the bottom of the screen. When the message window is open you can tap on the Apple Pay icon, enter the dollar amount, and tap Pay or Request. The recipient then accepts and processes the payment via Touch ID. Those with the iPhone X will be able to use the Face ID feature instead.
The money arrives instantly onto the Pay Cash card in your Apple Wallet. You can keep the money on the card or transfer it to your bank account. If you decide to leave it on the card, you can still use it in the store and online. The new feature places Apple in the running with other payment services apps such as PayPal and Square Cash, which can take one business day or more to deposit money into your account.
But Apple might have another competitor to worry about when it comes to receiving money instantaneously. Another payment service app named Zelle — which is already integrated into a variety of mobile banking apps — also deposits money within minutes. Instead of an Apple Cash card, the money is deposited directly to your account by linking your debit card.
Users can also still access payment service apps through iMessage as well. With the App drawer, apps like Venmo are integrated for easy access when sending text messages.
Update: Apple may launch Apple Pay Cash in October.