In the United States, there is something fantastic called “Apple Cash”, it gives iPhone owners the ability to send money to each other via an iMessage conversation. This feature is set to evolve with money transfers by simply connecting two iPhones, a bit like a NameDrop. Until now, no money transfer required identity verification since it is verified when the service is activated. However, Apple will be forced to be stricter in the use of this service!
Apple Cash will require systematic identity verification on a minimum amount of $500
Starting October 4, 2024, Apple will introduce a new security measure for users of its Apple Cash service: identity verification will now be mandatory for any user wishing to make P2P (person-to-person) transfers exceeding a total of $500.
Still unavailable in France (to our great regret), Apple Cash is a service integrated into the Messages app on iOS that allows you to send money as simply as a text message. Starting with iOS 18, this functionality will be further improved with the introduction of “Tap to Cash”, allowing transfers to be made by simply tapping two Apple devices together (like NameDrop).
The new identity verification requirement is tied to strict regulations imposed by FinCEN (Financial Crimes Enforcement Network), the US agency responsible for combating financial crimes. In the United States, financial institutions are required to collect information about their customers as part of the KYC (Know Your Customer) and AML (Anti-Money Laundering) processes. With the expansion of its financial services, including Apple Pay, Tap to Cash and the Apple Card, Apple is now considered by FinCEN not only as a technology company, but also as a financial institution in its own right.
This change brings Apple in line with competitors like PayPal and Venmo, which already require identity verification to fully use their services. Apple made sure to inform its users of this new requirement via email:
- Starting October 4, 2024, we’ll begin requiring users to verify their identity to send more than $500 in P2P transfers (whether sending from your Apple Cash balance and/or a supported payment card in Wallet). Previous P2P send transactions will count toward this limit.
- We clarified that weekly P2P transfer limits apply to P2P transfers you send and receive.
With this development, Apple also reaffirms its commitment to offering secure services that meet the highest standards, while continuing to innovate in the field of digital payments.