Apple launches Apple Pay Cash to iOS 11.2 users
Apple on Tuesday said Apple Pay Cash is now rolling out to iOS 11.2 users, as it looks to take on others in the peer-to-peer, mobile payments space including PayPal's Venmo, Square Cash, and more.
Apple iPhone, iPad, and Apple Watch users can now use Apple Pay to send and receive money from within the iMessages app or by asking Siri.
Users who have already updated to iOS 11.2 and watchOS 4.2, released over the weekend, can restart their devices to begin using Apple Pay Cash. It was first announced in June and had been in beta testing.
Users can use the debit and credit cards they already have added to Apple Pay. When a user receives a payment, the money will sit on their new "Apple Pay Cash card" until they transfer it to a bank. If someone receives money, even if they don't have Apple Pay setup, it is added to their new "Apple Pay Cash card" once they accept the terms.
PayPal has been pushing hard into the P2P payments space. In October, PayPal posted strong third quarter financial results, processing $114 billion in total payment volume in the quarter. P2P payments volume increased 47 percent to $24 billion and represented approximately 21 percent of total payment volume.
PayPal has partnered with services including Facebook's Messenger and Microsoft's Skype for P2P integration within their apps. In typical Apple fashion, Apple Pay Cash is locked into the iMessages ecosystem.