As noted by MacRumors, Apple’s sending out emails to customers about upcoming changes that are being made to the Apple Cash Terms and Conditions.
iOS 18 and watchOS 11 will introduce Tap to Cash, a peer-to-peer (P2P) feature that allows iPhone and Apple Watch users to transfer money between each other simply by holding their smartphones or smartwatches together. 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 US$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,” notes MacRumors. “Prior transactions will count toward the limit that will trigger identity verification.”
Article provided with permission from AppleWorld.Today