Interestingly, the money you receive from peer-to-peer payments will go to your new Apple Pay Cash account. From there, you'll be able to transfer it to your bank account, use it for purchases via Apple Pay in stores and online, or send it to someone else. Based on early images from Apple, it looks like your Apple Pay Cash account will appear as a card along with your credit, debit, and loyalty cards in the Wallet app, where you can check your balance. The new payment feature will work on the iPhone SE, the iPhone 6 or later, all iPad Pro models, the fifth generation iPad, the iPad Air 2, and the iPad mini 3 or later, according to Apple. However, it will only be available in the United States at launch.
Of course, it remains to be seen if the new feature kills other apps like Venmo, PayPal, and Square Cash, but all said, you'll have one more option when you're attempting to sort out a restaurant bill after brunch with six people. You'll just have to wait until this fall to use it.