Apple has announced that it is planning to introduce a new peer-to-peer payment system later this year. Called Pay Cash, the service will be embedded into the iMessage chat app included on the iPhone, iPad, and other iOS devices and allow friends and associates to send money to one another directly with just the click of a few buttons.
Pay Cash is expected to be similar to the PayPal-owned service Venmo that is popular among mobile users who want to split a dinner bill, reimburse friends for concert tickets, or even give their share of the rent to a roommate. Square Cash is another competitor in the space, and many large banks have also rolled out their own proprietary peer-to-peer payment services.
The world’s largest tech company has created Pay Cash as an extension of its mobile Apple Pay service that was launched several years ago.
“In addition to paying at retail, we use Apple Pay in apps, we use it in the web, and there was one final frontier we wanted to conquer — and that’s Apple Pay for person-to-person payments.” said Craig Federighi, Apple’s senior vice president of software engineering, this week during an announcement at the Apple Worldwide Developers Conference.
Pay Cash will reportedly be introduced this fall as a component of the larger new iOS 11 upgrade that Apple is currently working to complete.