Payment Methods

New Details Emerge On Apple Pay Cash

Apple NFC Debated for Brexit Digital ID Proposal

Details remain scarce on Apple’s Apply Pay Cash tool, a peer-to-peer solution that enables consumers to send money to one another’s Apple Pay Cash card, with money then able to be sent into bank accounts. The tool was first announced earlier this year, and though a launch date isn't yet set, Apple said it would be available only to U.S. customers when it rolls out.

Now, 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, reports said, signals Apple’s plans to expand Apple Pay Cash into Europe.

The filing also suggests that consumers will need a photo ID to use Apple Pay Cash.

Other than that, Apple hasn’t said much else about the tool that would position itself against other industry players like Venmo, but reports said Apple may give more details at its planned launch event this month.

Apple confirmed its Sept. 12 event on Thursday (Aug. 31), which will be held at the Steve Jobs Theater at Apple’s new campus in Cupertino, Calif. Reports said the company is expected to announce the iPhone 8, as well as new iPhone 7s, an Apple smartwatch, Apple  TV and iOS 11 software.

A software upgrade could be key to support Apple’s P2P tool Apple Pay Cash, an extension of Apple Pay, as Apple confirmed that iOS 11 will support peer-to-peer payment capabilities in iMessage. The technology will reportedly enable users to send and request money from within iMessage without using third-party apps like Venmo. 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.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.