Going out on a Friday night with your friends usually comes with a couple guarantees: there will be drinks and at least one of you will forget to bring cash. The night continues, the drinks flow and the one cashless friend (in this case, you) now owes someone in the group $75. Your options are to find a nearby ATM, send her the cash via e-transfer or write her a very heartfelt and binding "I owe you" on a bar napkin in lipstick.
The above scenario has become a common trope in the cashless and plastic age, but as technology increasingly develops and cash becomes increasingly more "invisible," embracing the new innovations of a cashless world aren't so bad when companies like Apple make it insanely easy to do just about anything from your phone.
And their latest addition to the slew of features they offer is going to make getting or sending money easier than ever. Apple is preparing to release Apple Cash, a variation of their well-known Apple Pay. This new variant of Apple Pay will now allow you to pay friends, family and phone contacts with an iMessage alone.
Beginning today, iPhone users will be able to send and receive cash payments via iMessage once both you and your sending/receiving phone contact install the latest iOS Beta to your phone.
This new feature which, like Apple Pay, seeks to replace the need for a wallet, allows you to use a debit or credit card to pay someone with your iPhone via a new icon that appears in your App Drawer after you install the latest update. If you're not sure what the App Drawer is, you'll have to install the latest update (or have an iPhone X); it's the shallow bar that appears below your iMessage thread.
Once you tap the new Apple Cash icon, you can instantly send money to your iMessage contact, which is withdrawn from either the debit or credit card that you already have registered in your Apple Wallet, or else you can register a card after installing.
And the best part is that funds can be sent to your friends and family for FREE. Debit card transactions are free under the iMessage Apple Cash, but transactions from credit cards are subject to a 3 per cent surcharge.
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Once funds are received, they are quickly deposited into your Apple PayCash Card, which is created automatically and is located inside your Apple Wallet app. From there, you can either choose to leave the funds in your Apple PayCash Card, or transfer them to a bank account of your choice.
And if you're unsure if your contacts can receive or send money and participate in iMessage pay back, you will be able to know who has installed the new feature because a small dollar sign symbol will appear next to their contact information in your iPhone contacts.
Every transaction requires verification, either through Face/Touch ID or password entry, and the full version of this new update will arrive when iOS 11.2 is released for all iPhone users later this year.
Thanks, Apple. You just helped us avoid having to send our friends a text quoting Rihanna's "B*tch better have my money."