iOS 11.2 enables peer-to-peer payments.
Apple officially introduced the feature Apple Pay Cash with the iOS 11.2 update, initially available only for users in the United States. Apple Pay Cash allows you to send and receive money from anyone in the contact list via Apple’s built-in Messaging app. Here is how to set up and use Apple Pay Cash.
- Enable Two-factor authentication. Go to Settings → iCloud → Passwords & Security.
- Open the Wallet app. Tap on the Apple Pay Cash card at the top. Create your virtual card.
- Pair a debit / credit card to Apple Pay Cash. You’d better add a debit card, because each credit card transfer has a 3% fee, while transfers from a debit card is free. All cards connected to iCloud can be selected too.
- Tap Continue to verify your cards. Once your account is verified, you should see a zero $ balance.
- Go to Settings → Wallet & Apple Pay.
- Tap Info → Add money. Enter the amount you want and hit add.
- Authorize yourself using Touch ID / Face ID.
- You can send money to anyone who has Apple Pay Cash. Start a conversation in the Messaging app.
- Tap on Apple Pay icon
- Choose the amount. Tap Pay.
You can use your Apple Pay Cash money for purchases or you can transfer them to a bank account. Back account transfers could take up to 3 business days depending on the banks involved. Sending or receiving more than $500 requires an additional verification of identity in the Wallet app.