Can You Send Money Through Apple Pay?
Apple Pay has become a popular payment method throughout the world, especially among those who own an Apple device. By leveraging NFC technology, it allows users to make contactless payments with their iPhone, iPad or MacBook. While it’s widely accepted across a range of retailers and services, many people are still unclear whether it’s possible to use Apple Pay to send money to friends, family, or businesses. In this article, we’ll explore Apple Pay’s capabilities for sending money and its respective benefits.
The Basics of Apple Pay
First of all, let’s quickly refresh ourselves on the basics of Apple Pay. Put simply, it’s a digital wallet that allows users to link their debit or credit card details to their Apple device(s). Users can then make payments of up to $100 at locations that accept Apple Pay using their iPhone or Apple Watch. Payments are authorized with either a fingerprint or a code, ensuring secure transactions.
The Ability to Send and Receive Money Through Apple Pay
Apple Pay has evolved since its initial release and can now facilitate peer-to-peer (P2P) payments through Apple Pay Cash. This feature is available to people in the United States and allows users to send money to one another via iMessage. It’s safe and easy to use, and your recipient will receive the payment in seconds as long as they also have Apple Pay set up.
Security Measures of Apple Pay
Security is one of the main reasons why Apple Pay is considered one of the safest ways to send funds digitally. Apple Pay doesn’t store your credit or debit card numbers on your device or Apple’s servers. Instead, the service utilizes a unique Device Account Number for each transaction. The information is encrypted and sent to Apple’s servers, where it’s then re-encrypted and sent to your bank for authentication. This approach provides an extra layer of security as your actual credit or debit card numbers are never shared with merchants or transmitted with payments.
Setting Up Apple Pay for Sending Money
Setting up Apple Pay to send money is simple and can be done by following a few easy steps. The first thing you need to do is ensure your device is compatible. Apple Pay works on the iPhone 6 or later, iPad Pro, iPad Air 2, and iPad mini 3 or later. To add your debit or credit card to Apple Pay, go to Wallet and tap “Add Credit or Debit Card.”
You’ll then need to input your card details, check the terms and conditions, and verify the information. You may also need to speak to your bank to confirm whether they’re enrolled in Apple Pay.
To set up Apple Pay Cash, you’ll need to navigate to Settings > Wallet & Apple Pay > Apple Pay Cash. You’ll then need to complete a one-time authentication process by inputting your personal information, following a few straightforward steps, and verifying your identity. You can then start sending or receiving money through iMessage.
Splitting the Bill with Apple Pay
Apple Pay is particularly useful for splitting bills when you’re out with friends or family. To use this feature, you’ll need to open iMessage, navigate to the conversation, and tap the Apple Pay icon. Select the amount you wish to send or request, and then authorize the payment using Touch ID or Face ID. This feature also allows you and your friends or family to send a group payment, making it easier than ever to divvy up expenses.
Paying Back Loans with Apple Pay
If you need to pay someone back for a debt or loan, you can use Apple Pay to send them what you owe. It works the same way as sending or requesting money for the bills you’ve split. To send cash, open up iMessage, tap on the Apple Pay button, and input the amount you want to send. Once you’ve authenticated the payment, you’ll have sent the money.
International Payments with Apple Pay
While Apple Pay is currently only available in the United States, it’s worth noting that users based in the US can process payments internationally. It’s done using the same iMessage interface, and it’s very convenient for people who have contacts or family overseas. There are certainly fees involved, so be sure to check with your bank before doing so.
Alternatives to Apple Pay for Sending Money
Though Apple Pay is arguably one of the most secure methods for exchanging money online, it’s not the only player in the space. Some of the most popular alternatives include Venmo, Google Wallet, and PayPal. Each service has its unique set of advantages, making it crucial to evaluate options before selecting a payment processor.
Conclusion
Overall, Apple Pay’s features make it a secure and convenient method for transferring money digitally. Apple Pay Cash, the P2P payment option, makes sending and receiving payments quick and easy using iMessage. However, if you are sending funds internationally, it’s worth checking out some other transfer services to avoid excessively high fees.
