It is worth paying attention to the fact that Apple is expanding its presence in the world of P2P payments. Today we have some more Apple Cash news that’ll likely be of interest to anyone who uses it. If such a transaction is to be made, you will be required to produce identification documents from the 4th of October, 2024. This new rule is to ensure that your money ends up in the correct place when you are sending a few dollars for lunch or splitting the check at an expensive dinner.
What Exactly Is Apple Cash?
To briefly explain to those who don’t know, Apple Cash is Apple’s take on payment services applications .. It allows you to send money to other Apple users through the iPhone, iPad, or Apple Watch right from your wrist.
Why the New Rule?
You may be asking yourself why Apple is putting in an additional protective barrier. The answer is simple: well, safety first, let’s ensure that the policy does not produce negative results. By requesting identity confirmation for any transaction involving goods or services over $500, Apple is trying very hard not to let your money go to the wrong person. This is like having a doorman at the entrance to your digital purse to let only the right people into your cash.
How Does It Work?
Let’s break it down. If you intend to transfer more than $500 at a particular instance you will be required to produce identification by apple. This may mean coming up with some additional details which would capture the attention of the recipient and assure them that indeed you are the one sending the message. But wait, there’s more – you won’t need to make $500 worth of purchases in one swoop for Apple to start monitoring your transactions. It will tally your payment sums over time, and if you’ve made payments in any given payment system worth over five hundred dollars, then the service will ask for verification.
What about Tap to Cash???
This new rule also relates to a feature called Tap to Cash, which is expected to be released to support iOS 18 in the fall this year. Tap to Cash is one of the newest options that will let iPhone users transfer funds to other iPhones by just touching the phones together. However, to ensure that you don’t send money to a stranger while your phones are in close proximity, Apple will force you to confirm the transaction via face ID, touch ID or the password. Also, Tap to Cash payments will also be included as one of the contributions to that $500 limit.
What’s the Big Deal?
You might be thinking, “I don’t plan on sending $500 at once, so this doesn’t really affect me. ” But here’s the thing – even smaller payments can add up. And if you are an active Apple Cash user, then you should be aware that this update might come for you earlier than expected. Second, the new rule of limiting P2P transactions per week to $10,000 when transferring or receiving money is more about ensuring your money is safe.
