A Little Bit Easier! Apple Officially Launches Apple Pay Cash

Apple has shared reports on their App Store support page showing statistics of their of their current devices and the percentages of which devices are using specific operating systems. 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.

Although Apple Pay Cash may be useful for financial matters, users should also take note of the various limits of the feature.

Supported devices for Apple Pay Cash capabilities include iPhone SE, iPhone 6 and later, Apple Watch, iPad Pro, iPad (5th Generation), iPad Air 2, and iPad mini 3 or later. 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.

When users get paid, the money they receive is added to their new Apple Pay Cash card that lives in the Wallet app.

The Apple Pay Cash card, which was just introduced in December with the latest iOS 11 update, is part of newly introduced functionality that Apple has added to Apple Pay, its mobile wallet. They can use the money instantly1 to pay someone or make purchases using Apple Pay in stores, apps and on the web. When new users receive money for the first time, it's simply added to their new Apple Pay Cash card once they accept the terms. On Monday, Apple finally launched Apple Pay Cash, its own person-to-person payment system. Once the account is verified, each person can have a maximum balance of $20,000.

The minimum amount of money that can be added to an account from a user's U.S. debit card or prepaid card is $10 per transaction, while the maximum that can be added in each transaction is $3,000. The maximum amount that can be added in any seven-day period is $10,000. From there, you can send your Apple Pay Cash balance to a connected bank account.

Sending and receiving money with Apple Pay and the Apple Pay Cash card are services provided by Green Dot Bank, according to Apple. In addition, it can only be done if Apple Pay Cash is already set up in an iPhone running on iOS 11.2.

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