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Apple Pay Cash to debut this fall as mobile P2P market expands

One of the worst kept secrets in payments became official Monday when Apple revealed its entry into the person-to-person payments market with an upcoming system that will enable users to complete P2P transactions using iMessage.

Apple made the announcement at its annual developers conference in California.

Users can send and receive funds within iMessage, or tell Siri (the Apple voice assistant) to pay someone. Consumers fund transactions with a credit or debit card in their Apple Wallet.

Apple stores the funds in a new Apple Pay Cash account, which also comes with a virtual prepaid card by the same name. The company has partnered with Green Dot on this initiative.

Fund recipients can keep money in the Apple Pay Cash account, spend it via Apple Pay or transfer it to their bank account.

Apple Pay Cash will be available as part of the iOS 11 update available later this year.