“Funds added to a user's Apple Pay Cash card can only be used for Apple Pay purchases in stores, online, and in apps, but cannot be transferred into a user's bank account.“
Damn i was hoping this would replace my Square Cash App me and my friend use it to pay each other back. Apple Pay adoption has been sluggish in certain areas like utilities so I wouldn’t wanna be paid this way.
Apple making these transfers Pay exclusive makes me wonder though.... Do you think we’ll be seeing Pay gift cards in stores soon?
I actually think the real problem here is that they don't want people creating "cash advances" by credit without being tracked as cash advances, because you incur interest from day 0 of a cash advance, but not for credit.
Likewise, it would be very easy to empty someone's bank account if you steal their device, which is probably why they went the strategy they picked here. One particular use I do see it being used for are for "Dating", "Webcam Models", "Twitch Players" and a few other edge cases where you want to pay someone for something, and don't have a proper merchant account/Square/PayPal thing, and would likely be considered too risky if you don't have a personal/business relationship to begin with.
That said, the same risk profile has always applied. Because the money is not being deposited in your bank account, that means this is meant to be a personal transaction, and it's very likely you will get rebuffed if you want a refund if you tried to operate a business entirely this way. The trust model here is that person A has a verified card and person B has a verified card, and person A and B know each other and have an Apple device.
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Likewise, it would be very easy to empty someone's bank account if you steal their device, which is probably why they went the strategy they picked here. One particular use I do see it being used for are for "Dating", "Webcam Models", "Twitch Players" and a few other edge cases where you want to pay someone for something, and don't have a proper merchant account/Square/PayPal thing, and would likely be considered too risky if you don't have a personal/business relationship to begin with.
That said, the same risk profile has always applied. Because the money is not being deposited in your bank account, that means this is meant to be a personal transaction, and it's very likely you will get rebuffed if you want a refund if you tried to operate a business entirely this way. The trust model here is that person A has a verified card and person B has a verified card, and person A and B know each other and have an Apple device.
Don't expect this: