Tech giant Apple has launched its P2P payment service Apple Cash on the iOs 11.2 beta 2 for US customers.
The service, first announced in June this year, is similar to Square Cash or Venmo. It allows users of iPhone and iPad to transfer funds digitally to each other via a text.
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The users can view the Apple Pay button in the app section of messages. Apple will route the money through an Apple Pay Cash Card, which will let customers to transfer money into a bank account or make purchases online or in physical stores using Apple Pay.
The received cash will be stored in an Apple Pay Cash card which can be used for purchases or sent to a bank account.
Apple will not charge fees for money that is transferred via debit cards and for credit cards an ‘industry standard’ fee will be charged.
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By GlobalData
