Apple to introduce P2P payments with Apple Pay Cash
Apple is entering the peer-to-peer payments market by allowing users to send money to and from their Wallet using Messages or Siri, with deposits placed in a new Apple Pay Cash account. The company is partnering with prepaid payment card firm Green Dot to launch the Apple Pay Cash card. The move comes as a survey from the Bank of America revealed a third of US millennials utilise P2P services such as Zelle and Venmo.
Apple is to challenge Venmo and bank-backed network Zelle by introducing peer-to-peer payments as part of a forthcoming update to its mobile operating system.

The new feature enables users to send money and get paid right in Messages, or tell Siri to pay someone, using the credit and debit cards they already have in Wallet.



When users get paid, they receive the money in a new Apple Pay Cash account. They can use the digital cash instantly to send to someone, make purchases using Apple Pay in stores, apps and on the web, or transfer it from Apple Pay Cash to their bank account.



Apple is partnering with prepaid payment card company Green Dot on the virtual Apple Pay Cash card, viewed by some as a stepping stone to the creation of a full bank-like payment service.



The popularity of mobile P2P payments among young American consumers was emphasised in a recent Bank of America survey, with more than a third of millennials using services such as Zelle and Venmo to pay each other back.



However, unlike Zelle and Venmo, Apple's service will only work across its own devices.