Apple Cash, Apple’s peer-to-peer payments system that works in conjunction with Apple Pay and iMessage, received some small updates on Thursday.
Among these updates is a new Instant transfer feature that works with both Mastercard and Visa debit cards. Previously only the latter card could be used, so the addition of Mastercard means Instant Transfer is more accessible to users who want to quickly transfer money from an Apple Cash balance to a bank account without having to wait for the transaction to be processed.
Apple has stated that beginning on August 26, 2021, the cost of making an Instant Transfer will change to 1.5 percent (previously 1 percent) of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15.
If users don’t wish to use Instant Transfer, they can transfer funds to their bank using the traditional ACH method, and receive it within one to three business days with no fee.
To make an Instant Transfer, open the Wallet app and select your Apple Cash card, then tap the three-dotted icon. Tap Transfer to Bank, enter an amount, and select Instant Transfer.
The feature is currently only available in the United States, and Apple Cash can be used to make and receive payments in Messages. Users can also access Siri to send money to other users.
When someone sends you money, it goes on your virtual Apple Cash card, which is stored securely in the Wallet app on your iPhone. You can use the money on it to send to someone, make purchases using Apple Pay in stores, within apps, and on the web.
Stay tuned for additional details as they become available.
Via MacRumors