The payments using Apple's debit card will be free using Apple Pay Cash while transactions via credit card will be accompanied by a 3% fee, with a $3,000 United States dollars limit set for individual payments. They can use the money instantly1 to pay someone or make purchases using Apple Pay in stores, apps and on the web. And while Messages and Apple Pay Cash are built into the latest version of Apple's mobile operating system, consumers have to download Venmo separately.
The new Apple Pay Cash capabilities, which were announced by the company December 5, will now allow Apple device users to split a restaurant, household or any other bill securely with other users or to send gifts or other payments. Apple Pay Cash allows you to make and take payments on a peer-to-peer basis while using the iMessage application. Customers who have already updated to iOS 11.2 can simply restart their devices to begin sending and receiving money with friends and family and using Apple Pay Cash. watchOS 4.2 will be available as a free update and is required to send and receive money and use Apple Pay Cash on any Apple Watch model.
The initiating person (the payer) loads the appropriate credit or debit cards into their phone to be used in ApplePay in the Wallet app. In that case, they will be prompted to accept the terms and then the funds will be added to their new Apple Pay Cash card.
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Making the Apple Pay Cash services particularly convenient is that it includes the ability for users to send their direct payments to others right from an iMessage on their Apple devices, where they are already communicating with friends.
Security and privacy is fundamental to the design of all Apple hardware, software and services.
Apple released a full overview of the new feature that allows iPhone, iPad, and Apple Watch users with the latest iOS 11.2 to transfer money easily.