Apple is finally releasing their peer to peer payment service with a firmware upgrade that rolls out today. Compatible devices running iOS 11.2 will now be able to send payments from one device to another using Apple Pay.
To use the new mobile payment system, users must first update their firmware. From there, you have to setup two-factor authentication, and then add a compatible card in Apple wallet. Once you’ve established those prerequisites, you’re free and clear to start sending and receiving payments with Apple Pay. You can send money through the Apple Wallet, or through iMessage.
For now, you can only send money with a US credit/debit card or a prepaid card registered in Apple Pay. You can add a minimum of $10 and a maximum of $3,000 per transaction, and a total of $10,000 within a 7 day period. Sending limits are $1 minimum to $3,000 maximum per transaction and $10,000 within a 7 day period. While there’s no fee to make or receive payments with a debit card, you’ll get waxed with a 3% fee if you use a credit card.
For full details on the program, check out the Apple Pay website.