How to Get Started With Apple's New Apple Pay Cash
To use Apple Pay Cash you need to have iOS 11.2 downloaded onto your phone. If you don't have it yet, now's a good time to go ahead and update.
To use Apple Pay cash you'll also have to enable two-factor authentication. To do that, go to Settings, then iCloud, followed by password & security and the Two-factor authentication.
You'll also need to add a credit or debit card to the Wallet app. To do that open the Wallet app on your phone and then press the + sign on the top-right corner to add a card.
Once you've done all that, the first time you open Message you'll likely get a prompt letting you know Apple Pay Cash is available now. You can press Continue on that prompt to go ahead and dive into setting things up, you can also access the setup menu manually by going to Settings and then Wallet and Apple Pay.
Essentially Apple is creating a debit card with this. You'll see it in the Wallet app as an Apple Pay Cash card.
To use it, you'll need to verify your identity. You'll probably do that during the step process, but you can also do it by tapping the I button on that Apple Pay Cash card and then "Verify Identity." From there you'll have to provide things like your social, birthday, and home address and potentially a photo of your driver's license.
Once everything is set up, it works just like any other bank account.
You can send
Apple Pay Cash works essentially like a new bank account. Cash you receive from friends will stay in your Apple Pay Cash account until you withdraw it, and if you have funds in your account already those will be what pays your friend when you send money rather than new charge on your card.