How Apple Pay Cash Compares With Money Transfer Veterans Venmo, Square Cash

Apple has launched Apple Pay Cash, a new money transfer service similar to Venmo and Square Cash, by including it in the new iOS 11.2 operating system. Although the feature is part of the new operating system, you may not be able to use it quite yet — Apple says it will roll out to users this week.Apple Pay Cash is integrated into the Messages app, meaning you can send and receive money as you would a text message. Unlike other peer-to-peer payment services, no additional downloads are necessary once you've updated to the new iOS 11.2 operating system. Apple Pay Cash is available only in the United States.How does Apple Pay Cash work?With Apple Pay Cash, people can send money and get paid directly in the Messages app or by using virtual assistant Siri.Transactions funded with a debit card are free, while a 3 percent fee applies to credit card transactions. Users will have to add their cards to each device on which they plan to use Apple Pay Cash. Outgoing transfers must be approved with Touch ID, or Face ID on the new iPhone X.Once users receive money, they have a couple of options. They can store and eventually spend it using Apple Pay or transfer it to a bank account, which can take up to three days.  Continue reading...

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