iOS 11 expands Apple Pay to include Apple Pay Cash

Photo: Jim Merithew/Cult of Mac

On June 5, Apple revealed the latest iteration of its iPhone and iPad operating system, iOS 11, at the annual World Wide Developer’s Conference. Apple has yet to confirm the release date of the new system, but it is rumoured that it will likely be released in fall with iPhone 8.
Apple Pay is a mobile wallet system in iMessage. With iOS 11, Apple Pay will support a new feature – users can send or receive money from friends, or tell Siri to pay someone. All the money received via Apple Pay Cash will be stored in the Apple Pay Cash Card, which exists within Wallet. The money in the account can then be used to send to someone, make purchases using Apple Pay in physical retail stores or on the web, or transfer it from Apple Pay Cash to their bank account.

To use the service, users have to tap the Apple Pay icon in iMessage, then approve the transfer after keying in the payment amount. Users have an additional step of verifying their identity via TouchID before sending money to their friends so as to ensure secure authentication. For further safety measures, all transactions will be encrypted.

Apple Pay Cash will only available in the U.S. at launch, on iPhone, iPad, and Apple Watch.

Forester Research estimated that mobile peer-to-peer payments would reach $17 billion by 2019, and U.S. mobile payments will top $142 billion by 2019. The mobile payments market in U.S. grew 39% to US$112 billion in 2016. It is not surprising, then, that other mobile payment services are vying for a share of the market. In May this year, Alipay signed a deal with payments processor First Data, thus allowing users to pay via Alipay at 4 million U.S. merchants. Tencent followed closely after, launching WeChat Pay in the U.S. market through a partnership with Silicon Valley startup Citcon in the same month. Alipay and WeChat Pay have captured 90% of the mobile-payments market in China, and are tough competitors that Apple Pay Cash will face.
About FOMO Pay Pte. Ltd

FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.