Apple Inc. has made some significant improvements to Apple Cash. The payment facilitator platform now supports Instant Cash on both Mastercard and VISA.
It’s now possible to use Instant Transfer in Apple Cash with both Mastercard and VISA debit cards. Previously, only VISA supported the feature.
What is the Instant Cash feature on the Apple Cash platform and how does it work with Mastercard and VISA?
Apple Cash promises to be a hassle-free payment transfer and payment facilitator for Apple iPhone and iPad users. It is essentially an e-Wallet that Apple Inc. operates. The platform works only on the devices that run iOS or iPadOS.
The Instant Cash feature essentially eliminates the time delay that usually occurs between virtual or digital cash transfers. In the United States of America, this delay can be about 2 to 3 days. Between these days, the money remains unusable as it is “in transit”.
— AppleInsider (@appleinsider) August 6, 2021
Apple Cash is a peer-to-peer payments service that works alongside Apple Pay. Moreover, it also works across other Apple apps like iMessage to transfer money to contacts.
The Apple Pay ecosystem obviously favors payments that happen within Apple Inc.’s ecosystem. However, there are times when users need to transfer cash into their banks.
Apple Cash Instant Transfers now support Mastercard debit cards https://t.co/zlz4p64zJb
— iMore (@iMore) August 6, 2021
This is where Apple Cash comes into play. It promises the transfer of digital money to the user’s bank account. Previously, only those bank account holders that had VISA debit cards could transfer payments using the Instant Cash feature.
However, moving ahead, even Mastercard debit cardholders can use the feature to quickly transfer cash to their bank accounts. Needless to mention, the feature is not free or cheap.
Apple Inc. charges 1.5% or a maximum of $15 per transaction, but there’s a free option available:
Users who want to quickly transfer money from an Apple Cash balance to a bank account without having to wait for the transaction to be processed will certainly prefer Instant Cash. However, the feature is neither free nor cheap.
Apple has confirmed that beginning August 26, 2021, the cost of making an Instant Transfer will change to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. Previously, the company charged 1% for the facility.
Apple is ready to take in some 💰. Price changes to transfers out of Apple Cash: pic.twitter.com/MsGxSIaApC
— Steven Loi (@StevenLoi) August 6, 2021
“Beginning August 26, 2021, the cost to make an Instant Transfer will change to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. The Apple Cash Terms & Conditions have been updated effective today, August 5, 2021, to reflect the new pricing.”
“The minimum amount that you can transfer to your bank account is $1. If your balance is less than $1, you can transfer your total balance as an exception to the minimum. The maximum amount that you can transfer per transaction is $10,000.”
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A cash machine thanks to brand, and consumer willingness to pay pic.twitter.com/yZxL7CEiPS
— India Equity Research (@IndiaER) July 30, 2021
The instant transfer option also requires users to use the billing address that matches the address of the selected debit card. Incidentally, Apple Inc. does offer a free, albeit slightly delayed, option to transfer money into a bank account.
Apple Inc. notes: “You can also transfer money to your bank account using ACH and receive it within 1 to 3 business days with no fee.” In other words, if Apple Cash users are not using Instant transfer, there are no fees incurred to transfer money to their own bank accounts.