Apple Cash is a popular and easy way to send money right within the iOS Messages app and soon with just a tap. Until now, you haven’t needed to submit an ID to use parts of the feature. That will change for many users as Apple will require identity verification starting in October for sending more than a total of $500 across all transactions – including past ones.
In the US, FinCEN is the government entity requiring financial institutions and companies that offer money transfer services to collect information about customers known as KYC/AML. That stands for “know your customer” and “anti-money laundering.”
While Apple Cash and competitors like Paypal and Venmo have required ID verification to use the full features for some time, you haven’t needed to submit an ID to Apple to use its basic P2P money transfer feature for smaller amounts (Green Dot Bank is the financial institution providing the Apple Cash service).
However, that’s changing soon. Apple shared an email update with users today that Apple Cash terms and conditions will require identity verification starting October 4, 2024 for sending more than $500.
The timing of the change will happen just after Apple makes it easier than ever to transfer money with the new “Tap to Cash” functionality in iOS 18.
Almost anyone who has used or will use Apple Cash will be subject to the new requirement as the $500 threshold applies to past and future money sent with the feature (with either your debit card or through Apple Cash balance).
Apple Cash ID verification details per Apple
- Commencing on October 4, 2024 we will begin requiring that users verify their identity to send more than a total of $500 in P2P transfers (whether sending from your Apple Cash balance and/or from a supported payment card in Wallet). Prior P2P send transactions will count toward this limit.
- We have clarified that the weekly P2P transfer limits apply to P2P transfers you send as well as receive.
Apple also highlights that Vision Pro is now a supported device.
You can read the new Apple Cash terms and conditions. And here’s the email Apple is sending out:
Top image via Apple
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