Apple launches “Pay Cash” money transfer between individuals in the US: operation and limits (Update)

Update 05/12: article updated following the
release of the service in the US with details of costs.

Apple Pay Cashis this
service allowing you to exchange money between iPhone and iPad users
and Apple Watch, based on Apple Pay. It was announced at WWDC in June
last by Apple and has just beenlaunched with iOS 11.2.

It is availableexclusivelyfor the United States in a
first, Apple Pay Cash should be deployed in other countries around the world
subsequently, like Apple Pay. Unfortunately in France,little
of bankscurrently offer Apple Pay compatibility, so
few users will be able to use the service at launch.
But in any case here are the details of its
functioning:

What conditions

First of all, here are the fewconditionsallowing
take advantage of Apple Pay Cash, to send, but also receive money via the
service :

• You must useiOS 11.2on the iPad or iPhone
• For use with the Apple Watch, it iswatchOS 4.2
  minimum
• Devicescompatible: Apple Watch, iPhone SE, 6 et
  newer, iPad 5th generation, Pro, Air 2, mini 3 and newer
• Authentication todouble factorfor Apple ID must
  be activated
• You must have a compatible bank cardApple
  Pay, saved in Wallet
• And for the moment, you must be a US citizen over 18 years old and
  holder of a US social security number
• The correspondent who receives or sends money must also have
  activated Apple Pay Cash

La configuration

To set up Apple Pay Cash, here are the steps to follow:

• Go to the appWallet
• Tap on the mapApple Pay Cash
• Validate Apple Pay Cash activation
• Wait a few seconds to confirm validation, then a new
  Apple Pay Cash card should normally be visible in Wallet

Otherwise, to activate or deactivate the service, there is an Apple option
Pay Cash with an activation button found in “Settings > Wallet and
Apple Pay > Apple Pay Cash".

Use

It all happens in the Messages app actually. A new Apple Pay icon
Cash is available alongside that of the iMessage App Store.

• In the conversation with the person to whom money is transferred, activate
  l’app Apple Pay Cash
• press + or – to choose the desired amount
• Choose "Request" or "Pay" to determine if this is a wait for a
  transfer or sending a transfer
• send the Apple Pay Cash message by tapping the send icon

Via Siri, here is an example of a possible request:

• “Hey Siri, send Thomas $10 using Apple Pay”
• This requires aconfirmationmanual all the same, via
  Touch ID in particular

On the watch, it's similar to the iPhone/iPad procedure, with the need
to go to the Message app, then click on "? Pay" and choose the
amount as well as the type of transaction (request or sending).

Settings

In "Settings > Wallet & Apple Pay", by tapping the Apple Pay card
Cash, different actions are possible, such as sending the balance to an account
banking, but also adding money to the Apple Pay Cash account, as well as
verification of identity, necessary in particular to transfer
large agent sums, in excess of $500.

In the Wallet app, it is also possible to have a history of
transactions and set up an email alert as soon as an Apple Pay transaction
Cash took place, among other more specific adjustments.

For now, in the US, the service has the following limitations:

• $10 minimum when adding money to Apple Pay Cash account
• And up to $3,000 maximum
• Over a 7 day period, the maximum limit is set at $10,000
  regarding adding money to the Appel Pay Cash account
• Concerning exchanges, it is possible to send from 1 to 3,000 $ per
  transaction
• Likewise, over 7 days, the maximum limit allowed is $10,000 in money
  sent or received
• Money transfer to a bank account can be done from $1 and
  up to $3,000. The maximum limit over 7 days this time is 20,000
  $

It remains to be seen how all these conditions and limits will be
adapted in France, once Apple Pay Cash is available in France. None
information is not available on this subject however, the American exclusivity
should last some time.

Source

Editor-in-chief for iPhon.fr. Pierre is like Indiana Jones, looking for the lost iOS trick. Also a long-time Mac user, Apple devices hold no secrets for him. Contact: pierre[a]iphon.fr.