Apple Cash is an easy and convenient way to send money from the iOS Messages app. So far though, you didn’t need to submit an ID to verify yourself i you wanted to send someone money. However, this will change soon, and Apple will start requiring identity verification starting in October. Your identification will be needed if you’re sending more than a total of $500 across all transactions – including past ones. Apple Cash, as well as competitors like Paypal and Venmo, have required ID verification to use the full features for some time. However, you didn’t need to provide your ID to Apple if you used its basic P2P money transfer feature for smaller accounts.
The news about the change is sent to users with an email update. The new terms and conditions will be in force from October 4, 2024. This will be timed with the new “Tap to Cash” functionality in iOS 18.
Of course, almost anyone who used or will use Apple Cash will be subject to the new requirement, as the $500 threshold applies to past and future money sent with the feature. It applies if you send money either with your debit card or with your Apple Cash balance. The transfer limit applies to P2P transfers you send as well as receive.
In my opinion, requiring an ID for Apple Cash transactions over $500 makes sense for security, but it might feel like an extra hassle for users who are used to the simpler process. While itβs understandable that Apple wants to keep things safe, this new rule might be a bit inconvenient for people who just want to send small amounts of money without any fuss.
Izzy, a tech enthusiast and a key part of the PhoneArena team, specializes in delivering the latest mobile tech news and finding the best tech deals. Her interests extend to cybersecurity, phone design innovations, and camera capabilities. Outside her professional life, Izzy, a literature master’s degree holder, enjoys reading, painting, and learning languages. She’s also a personal growth advocate, believing in the power of experience and gratitude. Whether it’s walking her Chihuahua or singing her heart out, Izzy embraces life with passion and curiosity.