Offering further competition to PayPal and Venmo, Apple Pay’s forthcoming peer-to-peer payment ability banks on iMessage connectivity (meaning only active iPhone, iPad or Apple Watch users can utilize it). No additional account will need to be set up, and a transfer is immediately converted to an Apple Pay Cash Cash which is visually stored in Wallet (but kept in an off-phone account, in case a device is lost or stolen). This can easily be transferred into a bank account. Altogether, it will mean another simple way to pay and receive money between fellow iOS users.
Apple Pay For Peer-to-Peer Payments