Apple Will Finally Let You Send & Receive Money Like Venmo via Apple Pay
While there are plenty of apps and services that let you send and receive money with your friends, there's a good chance you'll still end up grappling with how to split a lunch bill with that one friend who still doesn't use Venmo or PayPal. Or maybe that one friend is you. In any case, that's all about to change now that Apple has announced a new feature that finally lets you send money with the payment service that almost everyone with an iPhone already has: Apple Pay.
During the keynote presentation at the Worldwide Developers Conference (WWDC) in San Jose, California on Monday, Apple announced that Venmo-like peer-to-peer payments are coming to Apple Pay with the introduction of iOS 11 this fall. The long-anticipated feature allows you to conveniently send, request, and receive money inside the iMessage app or via Siri with the credit or debit cards you have setup with Apple Pay, according to a press release. All you have to do is authenticate the transaction with your fingerprint.
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.