News

Apple Pay joins P2P players

December 7, 2017

Now U.S. consumers have yet another P2P payment alternative besides Zelle, Venmo and (as always) cash. On Tuesday, Apple announced in a press release that customers in the states can use Apple Pay to send money to friends and family "quickly, easily and securely."

Apple Pay P2P, which works only on iPhone, iPad and Apple Watch devices, does not require users to install an additional app or create an account. They simply use the existing iMessage app on their Apple device, which links to payment cards already set up in the device's Wallet app, the release said.

Money received in a transaction is added automatically to an Apple Pay Cash card that resides in Wallet. Funds on the card, which is powered by Discover Network debit services, are available immediately for purchases made in-app or in a physical store that accepts Apple Pay.

Users also have the option to transfer funds from Apple Pay Cash directly to their existing bank account, according to the release.

Apple customers who have not set up Apple Pay up on their supported device can still receive money, according to Apple. When these users receive money for the first time, it's added to their new Apple Pay Cash card upon acceptance of terms.

P2P payments and Apple Pay Cash are available in the U.S. on newer iPhone and iPhone and iPad devices running iOS 11.2 or later. The service also works with any Apple Watch running watchOS 4.2 or later.