More Details on Apple Pay Cash

Apple Watch software update

Though retail purchases are possible with Apple Pay Cash, the service's primary function is an easy way to transfer money between friends through iMessage. However, you can send payments using the service via an iPhone, iPad, or an Apple Watch. However, Venmo offers a couple of important advantages over Apple's system: You can scan a QR code to verify your payee, and you can attach notes along with a payment.

Users have to make sure that Apple watch has at least 50 percent battery in order to install the update.

After I completed these steps, I was asked to add a debit card so that money could be transferred to my new bank account. In addition to that, Venmo, our Editors' Choice payment app, offers a richer slate of payment options. If you're using Apple's system and want to pay an Android user, you're going to have to hand over dirty old dollar bills, for now.

You can set up Apple Pay Cash in the Wallet & Apple Pay area inside the Settings app. As long as you already have Apple Pay set up with a debit or credit card, this should be pretty easy to use. You can send or receive up to $10,000 over a 7-day period. The process is identical for adding any other credit card to Apple Pay. Venmo introduced Pay with Venmo at a handful of merchants in 2014, and in October Venmo expanded opened the feature to more than 2 million merchants that that accept payments from parent PayPal.

Instead of having Apple Pay Cash pull from your credit or debit card each time you make a transaction, you can put some money into your Apple Pay account via one of your linked bank accounts and draw from that.

Should You Pay the Apple Way?

Go to Settings Wallet Apple Pay Apple Pay Cash and tap the button to toggle it on. Then hit "Next" in the top-right corner.

Give it a few moments to add your bank account. We could use it on Monday, but it's not available to everyone yet.

The connection between banks and Apple Pay has been uneasy at times, and the introduction this week of Apple Pay Cash does little to assuage concerns about how far the tech giant's tentacles may eventually extend into commerce.

You can also use your Apple Pay Cash balance to pay for goods or services anywhere that Apple Pay is accepted.

At the merchant level, the Apple Pay Cash Card is issued on the Discover Network, which means users may only make purchases at retailers that accept both Apple Pay and Discover debit contactless transactions.

But Apple Pay cash also supports purchases at stores, online and within apps, which could be a big deal to banks that reportedly are required to pay Apple up to 15 basis points for credit card transactions, and 1 cent for debit transactions, according to some analysts.

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