iTnews

Apple Pay Cash enters beta

By Juha Saarinen on Nov 8, 2017 6:28AM
Apple Pay Cash enters beta

Nightmare for banks comes true.

Apple has made the Pay Cash person-to-person payments system it unveiled earlier this year available to beta testers in the United States.

Built into the Messages app, Apple Pay Cash was originally set to debut with the company's iOS 11 mobile operating system update in September.

It is now shipping with the public iOS 11.2 beta software Apple unleashed today. It works in a similar way to the PayPal-owned Venmo payments service, allowing users to transfer money with their smartphones.

For now, Apple Pay Cash is only available to beta testers in the United States, and will only work across iOS devices.

The payments service uses Apple's Touch ID and the new Face ID facial recognition authentication to verify users.

Debit card transactions attract no fees, but credit cards have a three percent surcharge with Apple Pay Cash.

The minimum amount users can send and receive with debit cards is US$1, and the maximum is US$3000. Within a seven-day period, the most money that can be sent and received per Apple Pay account is US$10,000.

After users have verified their identity, the person-to-person payments system allows for a maximum balance of US$20,000.

Apple's banking partner is US Federal Deposit Insurance Corporation (FDIC) member Green Dot Bank.

The company has not said when Apple Pay Cash will become available outside the United States.

Last month, the Commonwealth Bank, Westpac, and National Australia Bank announced a joint venture to develop a payments app in response to the threat posed by Apple Pay in Australia.

Called Beem, the app will be compatible across devices and banks in Australia and offer instant payments.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:
appleapple payfinancefinanceitimessagespayments

Partner Content

Top 5 Benefits of Managed IT Services
Promoted Content Top 5 Benefits of Managed IT Services
Vast majority of surveyed firms still rely on password authentication
Promoted Content Vast majority of surveyed firms still rely on password authentication
Alienated from your own data? You’re not alone
Promoted Content Alienated from your own data? You’re not alone
The case for postponing mainframe migration has eroded
Partner Content The case for postponing mainframe migration has eroded

Sponsored Whitepapers

Planning before the breach: You can’t protect what you can’t see
Planning before the breach: You can’t protect what you can’t see
Beyond FTP: Securing and Managing File Transfers
Beyond FTP: Securing and Managing File Transfers
NextGen Security Operations: A Roadmap for the Future
NextGen Security Operations: A Roadmap for the Future
Video: Watch Juniper talk about its Aston Martin partnership
Video: Watch Juniper talk about its Aston Martin partnership
Don’t pay the ransom: A three-step guide to ransomware protection
Don’t pay the ransom: A three-step guide to ransomware protection

Events

  • iTnews Benchmark Awards 2022 - Finalist Showcase
  • 11th Annual Fraud Prevention Summit 2022
  • IoT Impact Conference
  • Cyber Security for Government Summit
By Juha Saarinen
Nov 8 2017
6:28AM
0 Comments

Related Articles

  • Apple hits back at CBA over Apple Pay concerns
  • Apple hit with EU antitrust charge over mobile payments technology
  • Major banks get more time to deliver new NPP functionality
  • ANZ develops algorithm to tackle abusive messaging in payments
Share on Twitter Share on Facebook Share on LinkedIn Share on Whatsapp Email A Friend

Most Read Articles

Kmart Australia stands up consent-as-a-service platform

Kmart Australia stands up consent-as-a-service platform

NSW digital driver's licences 'easily forgeable'

NSW digital driver's licences 'easily forgeable'

Kmart Australia re-platforms ecommerce site to AWS

Kmart Australia re-platforms ecommerce site to AWS

Westpac promotes its head of technology to mortgage role

Westpac promotes its head of technology to mortgage role

Digital Nation

Metaverse hype will transition into new business models by mid decade: Gartner
Metaverse hype will transition into new business models by mid decade: Gartner
Case Study: PlayHQ leverages graph technologies for sports administration
Case Study: PlayHQ leverages graph technologies for sports administration
The other ‘CTO’: The emerging role of the chief transformation officer
The other ‘CTO’: The emerging role of the chief transformation officer
As NFTs gain traction, businesses start taking early bets
As NFTs gain traction, businesses start taking early bets
COVER STORY: From cost control to customer fanatics, AI is transforming the contact centre
COVER STORY: From cost control to customer fanatics, AI is transforming the contact centre
All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of nextmedia's Privacy Policy and Terms & Conditions.