Photo: Apple
Apple Cash now allows you to send money using a Mastercard debit card. The peer-to-peer payments feature, which works with Apple Pay and iMessage, previously required a Visa debit card.
Apple has also confirmed that the cost of making an Instant Transfer using Apple Cash is increasing from August 26, 2021.
Apple Cash is still exclusive to the United States for now, but for those who can use it, it’s one of the easiest ways to send and receive money on iPhone, iPad and Mac — just as easy as sending a text message.
When you receive money with Apple Cash, you can transfer it to your bank, or use it to make purchases with Apple Pay. And now that the feature supports Mastercard debit cards, even more people can use it.
Apple Cash adds Mastercard support
To use a Mastercard debit card with Apple Cash, you simply need to add it to the Wallet app on your iPhone. You can then use it to transfer money to others, and to send money you’ve received to your bank account.
Apple has also confirmed that the cost of using its Instant Transfer feature is increasing slightly. Starting August 26, the fee will increase from 1% to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum of $15.
You can avoid that fee by sending money to your bank by ACH, rather than Instant Transfer. It takes a little longer — one to three business days — but an ACH transfer is absolutely free.
You don’t need to install an update of any kind to take advantage of the latest Apple Cash improvements. After you’ve added a Mastercard debit card to the Wallet app, you can start using it to send and receive money right away.
Apple Cash update brings Mastercard debit card support
Source: Pinays Guide
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