APPLE has launched an updated version of iOS that could steal a chunk of the mobile payments market from apps like Venmo and CashApp.
iOS15.5 has brought changes to the Apple Wallet that simplify sending a friend or business money.
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Apple first stepped into the mobile payments space in 2014 with the launch of Apple Pay.
In the years since, they’ve developed an integrated payments system featuring the Apple Wallet, Apple Card and Apple Cash.
CNET described Apple Pay as the “linchpin” – the engine that drives the mobile payments network within Apple and eliminates the need for physical credit cards.
Apple Pay users can input their credit card data and use their phone to execute transactions – with iOS15.5, Apple is eliminating clicks and streamlining the app to compete in the mobile pay market.
Open the Wallet app to move funds from your standard credit card to your Apple Cash account.
Click the black Apple Cash card and tap “request” or “send” – this feature is the new addition that comes with iOS15.5.
Do not send money to a contact you do not recognize – users need to be in sync about payments just as they are on Venmo, CashApp or another mobile payments platform.
However, unlike Venmo, you have to import money from your bank account before you can issue payments.
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But, like all other things Apple, the company is betting that customers will be happier inside the Apple ecosystem rather than on third-party apps.
Sending and receiving funds via Apple Cash is also available from within in the iMessage App.
In an iMessage conversation, there is a row of widgets that starts affixed to the keypad.
From here, you can send and request money with the Apple Cash widget – prior to the update, the widget read “Apple Pay”.
Apple also issues a credit card in partnership with Mastercard and Goldman Sachs.
In an era of contactless payments and speedy e-commerce, the mobile payment system with the fewest obstructions will prevail.
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