Apple has updated its terms and conditions for Apple Cash, as outlined in a recent notification to its customers. The new policy states that anyone sending or receiving a total amount exceeding $500 using the peer-to-peer payment feature will now be required to verify their identity.
This verification will be necessary whether you’re sending money from your Apple Cash balance or a supported payment card in the Wallet app. “Previous P2P send transactions will count towards this limit,” the company stated. Apple’s support page has been updated to confirm that this change will take effect on October 4.
Notably, a similar policy has already been in place in Vietnam for several months. Electronic wallets and banks in the country have required identity verification for transactions valued at 10 million VND or more, enhancing security and anti-money laundering efforts. This reflects a global trend towards tighter regulation and security for electronic financial transactions.
How to Verify Your Identity for Apple Cash
You may be asked to verify your identity when sending or receiving more than $500 through Apple Cash, even if you’ve done so in the past. To do this, select the card in the Wallet app or Settings, choose Verify Identity, and follow the on-screen instructions.
On your iPhone, open the Wallet app, select your Apple Cash card, tap the … (More) button, and choose Card Details. On your iPad, go to Settings > Wallet & Apple Pay and select your Apple Cash card. To do the same on your Apple Watch, open the Watch app on your iPhone and select the My Watch tab. Then, choose Wallet & Apple Pay from the main list and select your Apple Cash card.
You’ll need to provide your full name, social security number, date of birth, and home address. During the verification process, answer questions about your personal history and upload a valid driver’s license or state ID card.
Apple Cash is a feature of Apple Pay that enables direct peer-to-peer money transfers via iMessage. Currently available only in the US, Apple Cash deposits funds received into the recipient’s Apple Cash debit card.
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