The P2P ‘Tap to Cash', which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday
The ability to transfer data from one phone to another with a touch has existed for more than a decade. The Android Beam had that feature in 2011, and credit cards and smartphones with digital wallets have been able to transfer money to a merchant with a tap for about two years.
But Apple is now expanding on that technology by letting two people transfer money between their smartphones.
Tap to Cash, as the feature is called, lets an iPhone user move money from Apple Pay to another iPhone user’s Apple wallet in an instant.
Apple unveiled Tap to Cash in the same announcement that said Siri, the iPhone’s digital assistant, will use ChatGPT to generate more detailed answers to user questions and comments.
Once iOS 18 is available, Apple Pay will also let iPhone users redeem rewards and access installments from eligible credit and debit cards, the company said in its statement.
It remains to be seen if the new feature will encroach on the business of other peer-to-peer payment services like PayPal and Venmo.
By Patrick Cooley on June 12, 2024
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