In the first day of their annual developer conference, Apple announced new money-transferring features to Apple Pay.
Features which will compete with other well-known services like Venmo and Paypal.
Transferring made easy
Though Apple Pay has been around for a while, it never gained the momentum that was expected. However with these changes, Apple anticipates to challenge the current money transferring services. When their operating system upgrades in the fall to iOS 11, the new feature will automatically appear in Apple messages.
This feature will allow users to send and transfer money via text.
It is definitely a more convenient solution than opening an external application however, like all Apple products, this service is exclusive. Apple Pay is only available to Apple users. So unlike competing applications, money can only be transferred to other iPhone, iPad or Apple Watch owners.
No account needed
In addition to the money transfer feature, Apple also introduced Apple Pay cash, their digital debit card. People can use the digital card to spend their transferred money and make Apple Pay purchases online and in physical locations that accept it.
This could be a way to expand Apple Pay usage by introducing it to a new generation.
This refers to younger iPhone or iPad users that do not have a debit or credit card yet.
Connect and go
To use the new Apple Pay features, people just need to connect a credit or debit card to their account in Apple Wallet. Similar to other services, a credit card will add an extra 3% fee.
After that, everything can be done by simply messaging someone.
Apple has also partnered with Green Dot prepaid credit card services to assist with the new capabilities. A spokesperson from the company has already predicted that the relationship will result in even more success. They are currently working with Apple as both the Program Manager and regulated bank partner to ensure easy, secure, and instant payment services.
Perhaps the new features will make Apple Pay a valid competitor for other popular money transferring services.
However, without reach to a wider audience of non-Apple users, they will have to rely on current supporters to give the service a try.