Apple Cash to require identity verification for transfers exceeding $500
Starting in October, Apple will begin enforcing identity verification when sending and receiving more than $500 via the Apple Cash service.
The company informed customers of the updated Apple Cash Terms and Conditions via an email blast, writing that anyone sending or receiving more than a total of $500 using the Apple Cash peer-to-peer feature will need to verify their identity.
Identity verification will apply whether you’re sending money from your Apple Cash balance or a supported payment card in Wallet. “Prior P2P send transactions will count toward this limit,” the company said. Apple’s support page was refreshed to confirm the change will go into effect beginning October 4.
How to verify your identity for Apple Cash
You may be asked to verify your identity when sending or receiving more than $500 via Apple Cash, even if you’ve already done it. To do so, select the card in the Wallet or Settings app, choose Verify Identity and follow the onscreen instructions.
On an iPhone, launch the Wallet app, select your Apple Cash card, hit the … (More) button and choose Card Details. On an iPad, venture into Settings > Wallet & Apple Pay and select your Apple Cash card. To do the same on an Apple Watch, launch the companion Watch app on your iPhone and select the My Watch tab, then choose Wallet & Apple Pay in the main list and select your Apple Cash card.
You must enter your full name, social security number, date of birth and home address. As part of the verification process, answer questions regarding your personal history and upload an image of your valid driver’s license or state ID card.
What is Apple Cash?
Apple Cash is a feature of Apple Pay that allows direct money transfers from one user to another via iMessage. It’s only available in the United States. The funds received via Apple Cash are deposited in the recipient’s Apple Cash debit card.
The funds can be spent via Apple Pay or transferred to a nominated bank account via ACH transfer. The contactless Apple Cash Car used the Discover network but switched in April 2022 to the Visa payment network.
Apple Cash is available on the iPhone, iPad, Apple Watch and Vision Pro. You must be at least 18 years old, live in the United States and have two-factor authentication configured for your Apple Account to use the service. Sending money requires an eligible debit card in the Wallet app.
Tap to Cash coming with iOS 18
iOS 18 and watchOS 11 will bring a new way to exchange Apple Cash this fall, dubbed Tap to Cash, by holding an iPhone or Apple Watch near each other. This will trigger a contactless transfer of funds using the devices’ NFC hardware.
You can send no more than $2000 per transaction and up to $2,000 per week. The receive limit for Tap to Cash is the same. The Tap to Cash limits are in addition to the P2P transfer limits and count toward them.
Source link: https://www.idownloadblog.com/2024/08/23/apple-cash-identity-verification-requirement-500usd-threshold/
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