Apple Ends Support for Funding Person-to-Person Payments With Credit Cards, Renames Apple Pay Cash to 'Apple Cash'

Discussion in 'iOS Blog Discussion' started by MacRumors, Mar 26, 2019.

  1. MacRumors macrumors bot

    MacRumors

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    Apple yesterday began sending emails to Apple Pay customers, warning them about new changes to the service that are taking effect immediately with iOS 12.2 and watchOS 5.2. With the updates, Apple has ended support for sending money through Apple Pay Cash using a credit card (including the upcoming Apple Card).

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    Previously, users could link their credit card to fund person-to-person payments in Messages, which are then linked to Apple Pay Cash in the Wallet app. Now, Apple has stopped accepting credit cards as funding options for Apple Pay Cash effective March 25, 2019.

    Apple Pay users can still send money using a debit card or their existing Apple Pay Cash balance. The company says that the update "will ensure Apple Pay Cash customers never have to worry about cash advance fees that may be charged by issuing banks."

    In the same email, Apple discusses Apple Pay Cash Instant Transfers, which lets users quickly transfer money from an Apple Pay Cash balance to an eligible Visa debit card in the Wallet app. These transfers are processed within minutes and a 1 percent fee (minimum fee of $0.25 and maximum fee of $10) is deducted from the amount of each transfer. Traditional bank transfers still remain, offering free ACH bank transfers that take one to three business days.

    Lastly, during yesterday's keynote Apple showcased a new name for Apple Pay Cash, now simply called "Apple Cash." The company highlighted the name change during the Apple Card segment of the event, explaining how Apple Card owners will be able to get Daily Cash rewards that instantly appear on their Apple Cash cards.
    This simplifies the name, although the change has yet to appear as of iOS 12.2. It's possible the name change will show up alongside the launch of Apple Card this summer.

    If you missed yesterday's event, or want a quick refresher, be sure to check out or six-minute recap of everything Apple announced at the event.

    Article Link: Apple Ends Support for Funding Person-to-Person Payments With Credit Cards, Renames Apple Pay Cash to 'Apple Cash'
     
  2. bigboyz12000 macrumors member

    bigboyz12000

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    I love how Apple lists all of these reasons but leaves out that they themselves are offering a credit card (main reason) HAHA!
     
  3. PastaPrimav macrumors 6502

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    Ending that is a good idea. I know plenty of people who have accidentally taken a cash advance on their credit card thanks to trying to use Apple Pay person-to-person. Which is something no one ever wants to do, or ever should do.
     
  4. TimUSCA macrumors 6502a

    TimUSCA

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    People were probably abusing this by turning credit into cash while avoiding the higher APRs. My guess is that Visa and MC pressured them into this because there are very few loopholes out there.
     
  5. verniesgarden macrumors 65816

    verniesgarden

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    Honestly surprised they ever did it in the first place
     
  6. PastaPrimav macrumors 6502

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    Because that isn't why, or even close to a motivating reason. Apple has been inundated with issues over this since it launched.
     
  7. Khedron macrumors 6502a

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  8. alllexx macrumors member

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    Still free using ACH as it always has been.
     
  9. Mlrollin91 macrumors G5

    Mlrollin91

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    No. It is a 1% fee to move it instantly to a debit card. It’s still free for bank transfers, just as before. This isn’t uncommon in the industry.
     
  10. Khedron macrumors 6502a

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    #10
    So why offer a version with 1% charge? Just trying to take advantage of people?
     
  11. miniroll32 macrumors 65816

    miniroll32

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  12. bbednarz macrumors 6502a

    bbednarz

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    Because some people want the money instantly. This isn't new. The Cash App and Paypal have identical policies.
     
  13. C DM macrumors Sandy Bridge

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    To offer a faster version for those that might want/need it.
     
  14. v0lume4 macrumors 68000

    v0lume4

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    Does that actually happen? Yikes. I almost want to say it's a fault of the design rather than of the credit card issuers.

    I say that because I use the Cash App and it simply charges my credit card as if I swiped it at a store. Doesn't treat it as a cash withdrawal.
     
  15. CML83 macrumors newbie

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    #15
    Apple Pay Cash is showing up in new countries after iOS 12.2. It’s not working yet but that it will work soon.
     

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  16. Khedron macrumors 6502a

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    Sorry I'm not familiar with how things work in the US. But this is just your own money right, not credit card? So you're being charged to access your own cash.

    So this is like a tax on being poorer and having lower cash reserves? Otherwise you just wait a bit longer?

    But why are people transferring money from Apple to a debit card anyway? Because they need to access cash from an ATM? Apple doesn't support ATMs?

    I don't understand why you'd put your money into this bank service that then places these "inconvenience fees" on you.
     
  17. slippery-pete macrumors 65816

    slippery-pete

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    Same with my Amex.
     
  18. LeslieM825 macrumors newbie

    LeslieM825

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    ONLY thing I don't like is you have to be 18 years or older to have Apple Pay Cash...I understand that to a degree BUT it should be allowed on your family plan at least to send your kids money..my daughter is 17 and can't even use the feature and cant send her money if she needs it....
     
  19. Mlrollin91 macrumors G5

    Mlrollin91

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    You seem to be making a much bigger deal out of this than it actually is. People pay other people with Apple Cash. The receiving party has two options to transfer that money to their bank. 1) ACH for free (takes 1-3 days), or 2) Instantly to a debit card, for 1% fee. If you want your money now, you pay a convenience fee. This is not uncommon.

    Apple Cash is not a ATM card, you cannot use an ATM - besides ATMs charge a $2-3 fee to use unless its your bank's ATM.

    Apple Cash is not a "bank service" its a way to send and receive money from people, like PayPal or Venmo. PayPal and Venmo also charge these fees for instant transfer. I'm pretty sure it costs them money to make an instant transfer so they are recouping it by charging you.
     
  20. slippery-pete macrumors 65816

    slippery-pete

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    You can enter in any Bday you want. My daughter is not 18 and we set it up for her. Used it a lot.
     
  21. now i see it macrumors 68040

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    all fun & dandy but there's zero reason to stop using PayPal

    All of these apple services all under one roof are getting disturbing. One iOS botched update and your life is put on hold. And botched iOS updates are not uncommon.
    Really... who wants their money tied to Apple services? Just asking for trouble.

    The wisest thing to do is diversify to other providers for: Music, Video, money (especially money) and everything else. So when there's a problem (and Apple certainly isn't immune to them) only one service goes down, not the whole freaking house of cards
     
  22. C DM macrumors Sandy Bridge

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    It's like transferring money from one bank to another -- the normal process takes a few business days usually, but sometimes a more instant process is offered at a price.
     
  23. Khedron macrumors 6502a

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    It's just very different from what I'm used to (similar to how the US phone companies work).
     
  24. konqerror macrumors 6502

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    #24
    There's a subtle difference and it applies to all of these services. If you add to your account balance with a credit card, before or without sending money to a third party, it is counted as a cash advance. If you use a credit card to send money directly to somebody, it is a purchase.

    Apple, and the company behind the service, Green Dot, want you to do to do the former, since their mostly "free" business model is funded by the interest they get sitting on your balances.
     
  25. Jeffgtx macrumors newbie

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    #25
    So if Apple wallet doesn’t support your debit card?
     

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