Have you ever split a dinner check, shared rent with a roommate, or owed a friend some cash for those concert tickets they spotted you? Settling debts between friends has never been very fun or frictionless…until now!
Apple‘s new money transfer feature called Apple Cash makes sending and receiving money faster and more convenient than ever thanks to its tight integration with Apple Pay and Messages. Whether you‘re on iPhone, iPad or even Apple Watch, moving money is now as easy as sending an iMessage.
Let‘s explore the magical experience that is Apple Cash peer-to-peer payments. I‘ll explain exactly how it works and walk you through a simple 3-step tutorial for sending your first payment.
How Apple Is Transforming Mobile Payments
First, let‘s briefly rewind and talk about the landscape for mobile payments – technology that allows you to pay for goods/services or send money digitally using a mobile device.
While still gaining mainstream adoption, mobile payments are becoming increasingly common ways to pay at checkout counters, online retailers and even transfer funds to friends and family.
According to Business Insider Intelligence, the U.S. mobile payment industry has seen tremendous growth, with users more than doubling from 2016 to over 100 million people projected in 2022.
Several third-party apps like PayPal, Venmo and CashApp have emerged to enable payments via your mobile device. At the same time, smartphone makers like Apple, Google and Samsung have introduced native payment systems – like Apple Pay, Google Pay and Samsung Pay – with tighter device integration.
Introducing Apple Cash
Apple Cash is an exciting extension of Apple Pay – transforming it from solely a payment method for buying goods/services to also allowing person-to-person money transfers.
Here‘s a look at how peer-to-peer payment industry leaders compare:
| App | Users (M) | Transaction Fees | Transfer Limits | Time to Bank Transfer |
|---|---|---|---|---|
| Venmo | 80M+ | none to transfer/receive 3% for instant cashout | $4999.99/week $19,999.99/month | 1-3 days |
| PayPal | 100M+ | none to send Fees to receive business payments | $60,000/year | Instant |
| Apple Cash | 90M+ (U.S. only) | none | $3,000/week | 1-3 business days |
As you can see, Apple Cash is quite competitive – with no fees and industry leading security thanks to Apple Pay‘s encryption and authentication technology.
Plus, Apple Cash is the only one that…
