Apple Cash to Enforce ID Verification for Transfers Over $500

Starting October 4, users must verify their identity for peer-to-peer transactions exceeding $500, including new Tap to Cash feature.

Overview

Apple Cash users will need to verify their identity to send or receive over $500 weekly.
The new requirement applies to both past and future transactions.
Tap to Cash allows iPhones and Apple Watches to act as payment terminals.
The changes align with FinCEN regulations for anti-money laundering.
Apple's iOS 18 and WatchOS 11 updates will introduce these features.