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Apple Cash and Apple Pay are digital payment services from the tech giant Apple Inc. These services are available in your Apple Wallet, an app that digitally stores your debit and credit cards and other essentials. Together, Apple Cash and Apple Pay allow you to send and receive money in the Messages app (Apple’s instant messaging services) and make contactless payments at merchants.
If you’re thinking about using Apple Cash and Apple Pay, or confused about how they’re related, here’s what you should know about these services and how they work.
What Is Apple Cash?
Apple Cash enables you to send and receive money through the Messages app. Any money you receive or add from a debit card is added to your Apple Cash balance. You can use your Apple Cash balance to fund purchases wherever Apple Pay is accepted.
How Does Apple Cash Work?
Apple Cash works much like a physical debit card. It lets you:
- Send and receive money via Messages. You can use your Apple Cash balance or another debit card in Apple’s Wallet app to send and receive money through the Messages app.
- Use Apple Cash to fund secure, contactless Apple Pay purchases at stores, online and in apps. You can spend Apple Cash anywhere that displays the Apple Pay logo or contactless payment symbol. This is done through your iPhone, Apple Watch or iPad.
- Share funds with your family via their own Apple Cash account.
- Receive cash back rewards from your Apple credit card, if you use one.
- Transfer money from your Apple Cash balance to your bank account.
How To Set up Apple Cash
You can use Apple Cash so long as your Apple device is compatible (iOS 11.2 or later or watchOS 4.2 or later). You must set up two-factor authentication for your Apple ID, sign into iCloud with the same Apple ID on any device you want to use to send or receive money and add an eligible card to the Wallet app.
Here are the steps for setting up Apple Cash:
- Open the Settings app on your iPhone or iPad.
- Scroll down and tap Wallet & Apple Pay.
- Turn on Apple Cash.
- Under “Payment Cards,” tap Apple Cash.
- Tap “Continue,” then follow the instructions on your screen.
How to Transfer Apple Cash to Your Bank
To transfer money from Apple Cash, you can either use a bank transfer to send funds to your bank account in one to three days or an instant transfer to send funds to an eligible Mastercard or Visa debit card within 30 minutes.
If you have Apple Cash Family set up, children under age 13 can move funds from their Apple Cash account to a bank account. Meanwhile, teens who are 13 and up can transfer funds to their bank account or an eligible debit card through an instant transfer.
You can move up to $10,000 per transfer and up to $20,000 within seven days from Apple Cash to your bank account. You can transfer Apple Cash funds only to a U.S. bank account. Unless you use an instant transfer, there are no fees to transfer money from Apple Cash to your bank account. For an instant transfer, Apple charges 1.5% (with a minimum fee of $0.25 and a maximum fee of $15) of the amount.
What Is Apple Pay?
Apple Pay is a contactless payment technology that lets you make secure transactions using Apple Cash and any debit card or credit card you add to Apple Wallet. It also enables you to send and receive money with payment cards stored in Apple Pay.
Apple Pay provides a secure way to make payments via iOS, iPadOS and watchOS apps, and on websites through the Safari browser.
How Does Apple Pay Work?
You can use Apple Pay to make purchases at retailers in the U.S. displaying the Apple Pay or contactless payment symbols. Using Apple Pay, you can also send money through the Messages app on an Apple device. Your Apple Cash card is the default payment card, but you can switch to another card.
When you make a purchase at a retailer, Apple Pay creates a device-specific number and unique transaction code. Apple doesn’t keep your card number on your device or stored on Apple servers. And card numbers are not shared with merchants.
To send and receive money with Apple Pay, you must be at least 18 years old and be a U.S. resident. If you’re under 18 years old in the U.S., your family can set up Apple Cash for you as part of Apple Cash Family. Apple Cash Family accounts can send or receive up to $2,000 per transaction or within a seven-day period.
How To Set up Apple Pay
Apple Pay is already built into iPhone, Apple Watch, Mac and iPad devices. You don’t need to download a separate app, and you don’t need to go through a sign-up process.
To set up Apple Pay, you add your debit, credit and prepaid cards to the Wallet app. The first card you add to Wallet becomes your default payment card.
How Safe Are Apple Pay and Apple Cash?
According to Apple, security features are built into the hardware and software of its devices to help protect transactions. As further protection, you must set a passcode on your device to use Apple Pay, or you can use Face ID or Touch ID.
Also, according to Apple, it doesn’t store, nor can it gain access to, the original credit, debit or prepaid card numbers that you use with Apple Pay. When you use Apple Pay with credit, debit or prepaid cards, Apple doesn’t keep transaction information that can be linked to you.
Apple Cash relies on Face ID or Touch ID to verify transactions, adding a level of security. Plus, there’s no physical card, and your account number is never visible.
Regardless of security precautions, there’s always a level of risk involved with any payment method. There are many bank scams used by criminals to gain access to financial information.
A study released in September 2021 by researchers at the University of Birmingham and University of Surrey found that Apple Pay and Visa vulnerabilities could let hackers bypass an iPhone’s Apple Pay lock screen to carry out contactless payments.
If you’re uncomfortable using Apple Cash or Apple Pay, consider alternative methods to spend, send and receive money.
Apple Pay vs. Other Services
A couple of rivals of Apple Pay are available. Which one you use may depend on what kind of devices you have.
Apple Pay vs. Google Pay vs. Samsung Pay
Two key competitors of Apple Pay are Google Pay and Samsung Pay. Other digital wallets include PayPal, Amazon Pay and Walmart Pay.
Apple Pay, Google Pay and Samsung Pay provide digitally secure ways to make purchases, send money and receive money. Here are a few differences:
- Apple Pay must be used on iOS devices, while Google Pay is available on Android and iOS devices. Samsung Pay is available on Samsung phones and watches.
- Samsung Pay is available at more locations than Apple Pay or Google Pay.
- Users give Samsung Pay a rating of 4.5 stars out of 5, Google Play a rating of 4.1 stars and Apple Pay a rating of 3.2 stars.
Frequently Asked Questions (FAQs)
Merchants that take Apple Pay display the Apple Pay symbol or contactless payment symbol.
If you want to cancel or dispute a payment you sent to someone through Apple Pay, first open the Messages app. Then open the conversation where you made the payment and tap on the payment, which will open the Wallet app. Find the payment Wallet app and tap it twice. Then cancel the payment.
When you pay through Apple Pay, you can qualify for cash back or other rewards from credit cards and other payment cards that offer these perks. This includes cash back earned through the Apple Card credit card.
With Apple Pay on your iPhone, iPad, or Apple Watch, you can pay for things in stores, online, and within supported apps using saved credit or debit cards or an Apple Cash account balance.
But Apple Cash can also serve as a mobile payment app like PayPal, Zelle, or Venmo. That means you can send money to people you know, and the funds are taken out of your Apple Cash balance. On the flip side, you can request money from other people, and the funds are added to your balance. That balance can then be spent on future transactions or transferred to a bank account, in full or in part.
Previously, you had to use the Messages app on your Apple device to send or request money. But with iOS/iPadOS 15.5 or higher, you can do it directly in the Apple Wallet app, and the transaction then occurs within the Messages app. Here’s how to set up and use the service.
How to Set Up Apple Cash
In order to use Apple Cash to its fullest extent, you must live in the US, have an Apple device compatible with Apple Cash, and enable two-factor authentication (2FA) for your Apple account.
Your iPhone or iPad should be running the latest OS version to send or request money in the Wallet app. Go to Settings > General > Software Update and make sure you are running iOS 15.5 or higher. If not, allow the latest update to install on your device.
Make a Purchase From a Retailer
You can add multiple cards to the Apple Pay app, but you need to set one up as the default, which means that card will automatically be used for every transaction. To do this, go to Settings > Wallet & Apple Pay and tap Default Card under the Transaction Defaults section. Then select the card you wish to use as the default.
Unless you have a lot of money in your Apple Cash balance, you don’t want to use that as the default because you might not have enough funds to pay for a large transaction. Instead, set up another card as the default. You can then override that card and use your Apple Cash card to pay for something when you choose.
To purchase an item from a retailer using your Apple Cash card, tap a card other than your default to display all the cards stacked on top of each other. Tap the Apple Cash card to select it for this transaction. Now double-press the side button, and the amount of the purchase is taken from your Apple Cash balance.
Send Money to Another Person
To send money directly to another individual, open the Wallet app on your iPhone or iPad. Tap your Cash card, then choose the Send button. Type the name, email address, or phone number of the contact to whom you want to send money. Tap Next, then type the amount of money you want to send the person. Tap Send with Messages.
iMessage opens with the amount shown as a small card. Type a message and then tap the arrow to send the text. Double-press the side button to activate the withdrawal and then authenticate the transaction with Face ID, Touch ID, or PIN.
The money is taken from your Apple Cash balance or from a debit card linked to your Apple Cash card if you don’t have sufficient funds in your Apple Cash balance to cover the amount of the payment.
On the receiving side, the person to whom you sent the money receives the text message informing them of the amount sent. That person can also open the Wallet app and tap the Cash card image. The money you sent appears under Latest Transactions.
You can even use Siri to send someone money via Apple Cash by saying something along the lines of "Hey Siri, Apple Pay 25 dollars to Stephen for dinner" or "Hey Siri, send 25 dollars to Stephen."
Request Money From Another Person
You can also request money from another individual. To do this, open the Wallet app, select your Apple Cash card, and then tap the Request button. Type the name, email address, or phone number of person from whom you’re requesting the money. Then tap Next and enter the amount of money you’re requesting from this person.
Tap the Request with Messages button to open the request in the Messages app. A small card will appear showing the amount being requested. Type a message if you wish, then tap the arrow to send the text.
The other person will then receive the request on their end. They must tap the Pay button to approve the transfer of money. The amount owed is listed at the bottom of the screen, allowing the person to alter the final amount. Tapping the Pay button again will set the amount of money to be transferred.
A text message can then be written alongside the transfer. The sender must tap the arrow button to send the message and double-press the side arrow to activate and authenticate the transfer.
On your end, open the text message notifying you of the sent money. You can then open the Wallet app, select your Apple Cash card, and then look at the latest transactions to confirm the transfer.
Send or Request Money Through iMessage
Instead of using the Apple Wallet app, you can also send money directly through iMessage. Open Messages and open a conversation with the person who should receive the cash. Type a message, then tap the app icon on the left and select the Apple Cash icon.
Use the plus (+) and minus (-) buttons to set the amount you wish to send, or tap the Show Keyboard button to enter a specific amount. At the keypad, tap the Pay button to initiate the payment or swipe down to close the keypad screen, return to your message, and then tap Pay.
Tap the Send button in the message to send the payment. Double-press the side button and then use Face ID, Touch ID, or a passcode to authenticate the payment.
To request money from someone else through the Messages app, open a conversation with that person and tap the app icon. Select the Apple Cash icon, then choose an amount and tap the Request button. Add a message to the text and send it.
On the other end, your recipient will receive the request as a text. All they need to do is tap the Pay button to send you the money.
Manually Accept Payments
By default, payments via Apple Cash are automatically accepted. However, you can change this to manual, which means you must actively accept the payment within seven days. To set this up, go to Settings > Wallet & Apple Pay > Apple Cash, then select Manually Accept Payments under the Accepting Payments header.
Send Money From Apple Watch
To send money via Apple Cash on an Apple Watch, set up a debit card for Apple Pay on your watch if you haven't already done so. Open Messages and open a conversation with the recipient. Swipe down and tap Apple Pay.
You can choose an amount by tapping the plus (+) and minus (-) buttons, turning the Digital Crown, or tapping the dollar amount and then turning the Digital Crown to select a specific number. Tap the Pay button, then double-tap the side button to pay.
How to Refill Your Apple Cash Balance
You can add money to your Apple Cash balance from a debit card that you’ve stored in Apple Pay. Go to Settings > Wallet & Apple Pay, then tap Apple Cash under the Cards header. Tap Add Money, enter the amount you wish to deposit (the minimum amount is $10), then tap Add. Authenticate the transfer with Face ID, Touch ID, or your passcode, and you'll see the amount listed as your Apple Cash balance.
Transfer Money to Your Bank Account
To transfer money from Apple Cash to your bank account, you must first connect your bank account. Open Settings > Wallet & Apple Pay > Apple Cash and tap Bank Account > Add Bank Account, then enter your bank's routing number and account number.
Now, from the Apple Cash screen, tap Transfer to Bank, then enter the amount of money you want to transfer and tap Transfer. Confirm the transaction via Face ID, Touch ID, or your PIN. The money typically takes one to three business days to end up in your account, unless you choose to do an instant transfer, which costs a small fee.