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Apple Pay Soft Launches New Money Transferring Service

Today, Apple Pay Cash is now available in iMessage for beta users on the new Apple iOS 11.2 version. Consumers who have the latest iOS version can now transfer money via the iPhone messaging app or the contacts list app. According to reports from TechCrunch and CNET, this is a new soft launch for the new pay service.

Both the sender and receiver of funds will need to have the latest iOS 11.2 version public Beta installed on their smartphone. Once both parties have the latest version, money can be easily sent and received right in Appleā€™s messaging app.

On the iPhone messaging app, consumers should see an Apple button. Pressing this button will allow iPhone users to initiate a payment, or request funds from a friend or family member.

The funds transferred will come from debit and credit cards that consumers have already set up in Apple Pay, no fees will be used in debit card transactions and a small fee will be used for credit card transactions.

Money received will be available instantly or transferred into a bank account with a small waiting period. Users of the Apple Pay service will need at least $10 loaded into Apple Cash to use it. Consumers will also need at least two factor-authentication checks-points enabled for security purposes.

Apple cash payments may also be used in Siri or in your contacts list app, where the person you want to send to will be easy to locate via name or phone number.

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