Apple’s peer-to-peer payments is a competition for PayPal-owned Venmo, Square Cash and bank’s facility: Chase QuickPay
- iOS 11 grows Apple Pay by adding Apple Pay Cash to it
- A person-to-person payment service in-built in iMessage
- Using you can easily get and transfer money to friends in the US
- Apple Pay Cash the virtual card will be released with iOS 11
- Apple Pay for the default app will work on the Apple Watch and iPhone.
Messaging has been a prime mode of communication from ages and technology keeps on adding more to it each day. It’s no longer just about exchanging text messages, you can make transaction, express your feelings using emojis and stickers with your loved ones.
In China WeChat, has become an integral part for their life and so has Facebook Messenger for others. There was a time when we wished if we could see the look on the reader’s face, but now it is not like that. Messaging has made everything possible.
Note: As WeChat is of Chinese’s origin, it may not be available in India, because the Indian government has banned some of the Chinese apps
There are several messaging apps like WhatsApp, Instagram which are used widely and offer various features.
This fall with iOS 11, Apple’s stocks app iMessage is being decorated with additional features. The most amazing of all is Peer-to-Peer money transfer (P2P), as the name suggests it a way to send cash to loved ones and vice-versa.
You must be wondering what’s new in it, app market is already full with such apps. Even, organizations like Square and Venmo already have iMessage apps using which you can send cash. But as we all know, Apple always likes to have an upper hand and this time is no different, it has the complete network which others miss out on. The peer-to-peer payment service with Apple Pay, is a killer combination and sooner or later it will pass Venmo and Square Cash payments.
Apple’s Craig Federighi at WWDC 2017 said: “In addition to payment in retail, we use Apple Pay in apps, we use it on the web — there was one final frontier we wanted to conquer, and that’s Apple Pay for person-to-person payments. Now it’s super simple because it will be integrated right into messages on the iMessage app.”
The service is not live yet, it will be functional from this fall. In beginning it will be available only in the USA.
How it works?
Its implementation is done smartly: the user should accept initial requests, to avoid spam. Once the request is approved, you can then start accepting payment via Apple Pay right inside the iMessage timeline.
How to use Apple Pay?
To use Apple Pay you need to set it up on your iphone. To do so follow the steps explained below:
Step 1: Tap settings icon and open it.
Step 2: Next hit Wallet and Apple Pay option
Step 3: Now tap on Add Credit or Debit Card option and follow on screen instruction to set it up
How to use it with Siri?
Simply by using Siri, you can transfer money to anyone you want. To use it, trigger the virtual assistant on your iPhone. To do so, either say Hey Siri or press and hold the Home button. Next, request it to send money to the selected contact.
It will then ask the amount you need to send, confirm it and follow the regular procedure of transferring money. In the end, confirm the payment using your Touch ID.
Additionally, Siri will also sense any chat in iMessage related to payments. It’ll intelligently show the Apple Pay app in front of your iMessage app drawer if you or your contact are chatting about currency in iMessage. Besides this, if the amount is cited, that sum will automatically be keyed in when the Apple Pay app is launched.
This money will be sent to “Apple Pay Cash Card,” which can be used to send money to your bank account.
The money can be sent to anyone using the default messaging app if he is also running iOS 11. If you receive money, it’ll go on something called an Apple Pay cash card which is digital debit card.
How to receive and send payment
Img src: spaceotechnologies
Payments are debited from the debit or credit card linked with your Apple’s Wallet app. The money received via iMessage goes into your “Apple Pay Cash” card.
For the virtual Apple Pay Cash card, Apple has linked up with Green Dot a prepaid payment card company. So, that using this card, you can make use of the funds in the virtual card and send money or pay others via iMessage and more.
The received money, stays as balance on Apple Pay virtual card kept in your Wallet App. Anytime you can send this money to your bank account and can use this virtual card to pay anywhere, where Apple Pay is accepted.
When you ask for money from your contact, a link to make the payment is displayed in your iMessage chat window with the contact. When paying, you need to tap the send button and use TouchID to approve it.
The TouchID sensor is a secure authenticator for Apple Pay Cash transaction. All the transactions you make using it are encrypted.
Steps to Send Money
Step 1: Open Messages app
Step 2: Open the conversation to which you want to send cash
Step 3: Check Apple Pay button in the new app drawer and tap on it.
Step 4: Next, enter the amount you wish to send. Follow on screen instructions to complete the transaction. As the last step you need to enter your Touch ID
You will also see an option to request a specific amount. If the same amount is to be transferred select the amount, you will then receive an option to reject or approve it.
It’s one less service to have to maintain and one less security and privacy vector to worry about. Apple Pay is end to end encrypted and Apple has absolutely no interest in harvesting, aggregating, and profiting off your transaction data.
Which devices are supported by Apple Pay Cash?
Apple Pay Cash will be accessible on iPhone, iPad, and Apple Watch (TouchID supported devices) running iOS11. The list of supported devices:
iPhone 6 and later
iPad 5th generation
iPad Air 2
iPad Mini 3 and later
Is there any fee to be paid?
To use Apple Pay Cash, you will have to add a debit or credit card to Apple’s Wallet app. Money-transfer done using debit card will be free, while those sponsored by a credit card will be charged a 3-per cent fee . If you transfer straight to a bank account there is no need to pay service fee, but the money transfer will take sometime.
Apple Pay Cash card will bring a change for those who don’t have traditional credit debit cards. They can easily use this virtual card, as a virtual card is being issued by Apple to every iOS user. The can use this card anywhere where Apple Pay card is accepted to make, also it will have the balance that can be spent anywhere. The service will debut with iOS 11 in US followed by Canada, the E.U. and everywhere else soon.