LAS VEGAS–Apple is expanding its reach into traditional financial services.
The company provided a demo of its new Apple Pay Cash P2P solution during the Money 20/20 Conference here.
Jennifer Bailey, who oversees Apple Pay, called Apple Pay Cash “a one-step way to send and receive money between friends.” The company has indicated the P2P offering will be introduced sometime this month in conjunction with iOS 11.1.
According to analysts, iOS 11 and watchOS 4 users will be able to use the Messages app, or utilize Siri to pay someone using credit and debit cards available in the Apple Wallet app. Received payments will be instantly deposited on a new Apple Pay Cash card that will be added to the Apple Wallet, and money will be available for immediate use.
Meanwhile, as Apple Pay turns three, Bailey said the mobile payment service is available in 20 markets around the world and that it is working with 4,000 card issuers now. Coming soon will be contactless tickets or “wallet passes” to all Ticketmaster locations.