Apple Pay

Apple Pay Cash Expected For Late October Launch

Apple is gearing up for an October release of Apple Pay Cash, its person-to-person (P2P) payment service. With the service, Apple Pay mobile wallet users can send and receive money from friends and family in a quick and secure manner, according to a 9to5mac report.

Users who download iOS11 or watchOS 4 will be able to pay and receive money via the iMessenger messenging app or have virtual assistant Siri do the paying for them via voice command — all without the use of third-party apps like P2P payment platform Venmo. The 9to5mac report noted Apple Pay Cash will likely be released toward the end of October.

When Apple first announced the upcoming service, it said it would be available for U.S. customers only, but a news report from earlier this month implies it could be available for European customers as well. Recent reports in LetsGoDigital and other outlets have noted a trademark registration filed by Apple with the European Intellectual Property Office pertaining to Apple Pay Cash. The move likely signals Apple’s plans to expand Apple Pay Cash into Europe, according to reports.

The filing also suggests consumers will need a photo ID to use Apple Pay Cash, and that a software upgrade could be key to supporting the P2P Apple Pay Cash tool. Balances are stored within the Apple Pay Cash virtual card in the wallet app, and funds can be transferred to bank accounts or used via the virtual card, according to reports.

While Apple has been in the digital payments market for awhile now, it is adding more features and services to better compete in the growing marketplace. U.S. consumers may not be avid users of digital payments yet, but the payment method is growing in popularity outside the U.S..


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.