Apple plans to build into iMessage as an application. It will allow its users to send and request money with their contacts in one tap. This was announced by Apple as part of the iOS 11. According to the company, it will enable users to send money to their friends with the help of iMessage and spend the balance through a virtual Apple Pay Card.
The integration will enable users to perform actions such as recognizing when someone says that you owe me money and prompt you to send the money automatically. Companies like Square and Venmo already have iMessage applications that allow users to send payments through their platforms. But Apple owns the entire ecosystem which makes it a bit more valuable than the other platforms.
With Apple Pay, the company is integrating the peer-to-peer payment service which will make it a great feature. It will eventually take over the other payment services such as Venmo and Square cash payments. Once money is sent to a user the balance lives on an Apple virtual card that is stored in the Wallet app. the virtual card can be used to pay anywhere Apple Pay is accepted without waiting for a whole day to get it transferred to a bank.
For now, Apple is issuing every iOS user a virtual card. This will store a balance that can be spent by users’ anywhere. This would be a great help to users as it will allow them to spend a balance instead of getting into the headache of getting cash from their bank accounts.
Via: Tech Crunch