Peer-to-peer Apple Pay was announced during the 2017 WWDC keynote.
How does the money enter your Apple Pay account in the first place?
- Does it come from a linked credit card, as in how Apple Pay traditionally works? If so, would the transaction be considered a cash advance or a purchase by the credit card company?
- Does it come from a linked bank account or a linked debit card? If so, does that mean giving Apple a pre-authorization to withdraw money from your bank account? Also, is there an imposed or customizable limit to how much money can be withdrawn?
- Do you buy credits to be added to your Apple Pay account using gift cards, at a convenience store or at an Apple Store?
Best Answer
Apple Pay Cash is being introduced in the US first, with iOS 11.2 and watchOS 4.2 betas. Both parties in a peer-to-peer transaction must have a suitable version of the software and have signed up for Apple Pay Cash.
Cash can be sent from a linked credit card (which incurs a 3% fee) or debit card.
Received cash is stored in an Apple Pay Cash card in Wallet. It can be used for purchases or sent to a bank account.