Apple is set to introduce a new payment service sometime this fall through the watchOS4 and iOS 11 updates. The service, which is called Apple Pay Cash, will enable users of Apple devices to transfer money between each other through Siri or within Messages.
Once the service is available, Apple users can tap the App Store icon in the Messages app and then choose Apple Pay from the app options. After entering the amount and choosing a payment card, the transaction will then be validated via Face ID or Touch ID and completed. The transferred funds will be available in the Apple Pay Cash Card of the recipient. The said card can be used via Apple Pay or transferred to a bank account. Any card that is linked to Apple Pay can be used to send funds.
The new Venmo-like service has been in the works for quite some time and was originally supposed to be launched with the iOS 11, however, users are going to have to wait a little longer. “Coming this fall with an update to iOS 11 and watchOS 4, Apple Pay users will be able to send and receive money from friends and family quickly, easily and securely. Pay and get paid right in Messages, or tell Siri to pay someone, using the credit and debit cards they have in Wallet,” said Apple in a statement.