Apple today began sending out emails to customers letting them know about upcoming changes that are being made to the Apple Cash Terms and Conditions.
iOS 18 and watchOS 11 introduce Tap to Cash, a feature that allows users to exchange Apple Cash in person by holding an iPhone or Apple Watch near another iPhone or Apple Watch. As part of this feature implementation, Apple is changing the identity verification rules surrounding Apple Cash.
Starting on October 4, Apple will require that iPhone and Apple Watch users verify their identity to send more than a total of $500 in peer-to-peer transfers, which includes sending Apple Cash via Messages and making Tap to Cash payments. Identity verification is required whether sending money from an Apple Cash balance or from a supported card in the Wallet app. Prior transactions will count toward the limit that will trigger identity verification.
Apple already requires identity verification for Apple Cash for those who use the feature frequently. Apple's support document says that users cannot add or receive $500 or more in total without identity verification, so it sounds like verification will also be required when sending large amounts of money as of October.
Identify verification for Apple Cash involves taking photos of a driver's license or ID card, as well as answering personal history questions and providing information like home address, date of birth, and social security number.
Identity verification for sending payments makes sense as Tap to Cash will allow money to be exchanged without being accompanied by personal information like phone number. Tap to Cash is designed for private in-person transactions where Apple Cash is exchanged.
Apple's email to customers also says that it is adding the Vision Pro as a supported device for Apple Cash and that weekly peer-to-peer transfer limits will apply to transfers that are sent as well as received. Apple allows users to send or receive a maximum of $10,000 within a 7-day period.
