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Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Apple launches Tap to Cash

Apple has unveiled a Tap to Cash feature that lets people send each other money simply by tapping their iPhones.

10 June 2024 3 comments

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Rolled out as part of iOS 18, Tap to Cash lets users send and receive Apple Cash without having to share any personal details.

The feature is similar to Tap to Pay, which launched a couple of years ago and lets merchants accept payments with a tap to an iPhone.

The iOS update also brings the ability to redeem rewards and access instalments from eligible credit or debit cards with Apple Pay.

Meanwhile, tickets in Apple Wallet now puts key event information like stadium details, recommended Apple Music playlists, and more at the user's fingertips.

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Comments: (3)

John Davies CTO at Incept5

11 June 2024

This brings the simplicity of Open Banking to the US but unlike true Open Banking, Apple takes a healthy cut and the banks are disintermediated. Frankly the banks are to blame here, Apple are slow but the bank are slower.

Most of the rest of the world have an opportunity with Open Banking but the banks continue to fight it. They too will lose this battle unless they start moving quicker and accepting that technology is going to change the world of payments.

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