Tech giant Apple announced that iPhone users will soon be able to transfer money by simply holding their phones together when the new iOS 18 operating system debuts in the fall. This new feature, called Tap to Cash, will allow users to transfer money through Apple Pay, the iPhone’s digital wallet that securely stores payment methods such as credit or debit cards.
While the iPhone has allowed users to transfer data between phones with a touch for years, iOS 18 will be the first to enable two individuals to transfer money through the touch of their phones. This advancement builds upon existing technology, with Android Beam introducing a similar feature in 2011 and digital wallets enabling tap-to-pay transactions for merchants over the past few years.
Tap to Cash will enable iPhone users to seamlessly move money from Apple Pay to another iPhone user’s Apple wallet in an instant. Alongside this new feature, Apple also announced that Siri, the iPhone’s digital assistant, will utilize ChatGPT to provide more detailed responses to user inquiries.
Additionally, Apple Pay on iOS 18 will offer users the ability to redeem rewards and access installment options from qualifying credit and debit cards. However, it remains to be seen how this new feature will impact the business of existing peer-to-peer payment services such as PayPal and Venmo. With the upcoming release of iOS 18, iPhone users can look forward to a more personalized and intuitive payment experience.
