Apple Cash users will soon have to verify their identity to send more than $500
If you send or receive money with Apple Cash, you will soon be required to verify your identity in certain circumstances.
On Thursday, Apple sent an email with a Update of the Terms and Conditions for Apple Cash users that said, starting October 4, users will be required to verify their identity when sending and receiving more than $500 in total per week through Apple MoneyThe email stated that this applies to supported payment cards in your Wallet app, in addition to Apple Cash, and for past and current transactions.
If you exceed the $500 weekly limit, you’ll be asked to verify your identity by providing personal information, such as your date of birth. Note that the $500 threshold is cumulative, so if you transfer $250 with a supported payment card and $300 with Apple Cash in a week, you’ll need to verify.
Previously, Apple required users to provide personal information for authentication purposes in order to use certain Apple Cash features. The latest policy change comes as Apple prepares for the release of iOS 18, and one of the new features iOS 18 is bringing to iPhones is called Tap to Cash.
“We’re continuing our journey to replace your physical wallet with Tap to Cash, a fast and private way to exchange Apple Cash without sharing phone numbers or email addresses,” Craig Federighi, Apple’s senior vice president of software engineering, said at Apple’s Worldwide Developers Conference in June. “With Tap to Cash, you can pay someone back for dinner by simply touching your phones together.”
The new policy also applies to Tap to Cash, limiting how much money you can send to another person using the new feature without having to verify your identity.
For more from Apple, here’s our hands-on review of the iOS 18 beta and what you need to know about Apple Intelligence . You can also check out these iPhone 16 design rumors.
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