Apple Cash will soon ask you to verify your identity to send $500

Apple is quietly preparing for the big release of iOS 18 alongside its line-up of new iPhone's, and ahead of the launch the company has rolled out a change to the terms of conditions of Apple Cash, which also applies to its upcoming Tap to Cash feature expected to debut in coming OS update.

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Apple sent out an email to Apple Cash users that informs them as of October 4 users will have to verify their identity when sending more than $500 total per week via Apple Cash. The email states the $500 a week limit also applies to any support payment card in Wallet, and that once the change has rolled out "prior P2P (peer-to-peer) transactions will count toward this limit".

Furthermore, these transfer limit changes also applies to any money users receive. Prior to this change Apple required users to provide some personal details for specific Apple Cash functions. This update to Apple Cash also affects the upcoming Tap to Cash feature that was unveiled at Apple's WWDC event in June. This new feature enables iPhones and Apple Watches to become payment terminals, which means users can simply pay each other by softly touching their devices together.

The limit of $500 per week has also been set for Tap to Cash, which is expected to release within iOS 18 and WatchOS 11. Essentially, Tap to Cash is AirDrop, but for money.

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