Yesterday, Apple (NASDAQ:AAPL), the largest Fintech in the world, announced a series of software enhancements that were heavy on artificial intelligence (AI). While much of the presentation during the keynote at WWDC, the company’s annual developers conference, focused on improvements to the OS and the much-maligned Sirius, Apple snuck in some improvements to Apple Pay and Apple Cash.
Regarding Apple Cash, part of Apple’s digital wallet, users may now tap two iPhones to transfer money. Currently, you can text cash to another iPhone.
Apple explained that with Tap to Cash, users can send and receive Apple Cash by holding two iPhones together without sharing phone numbers. Apple said this feature can simplify the payment or bill sharing process while keeping the transaction secure.
Apple Pay will soon allow users to view and redeem rewards and access installment loan offerings from eligible credit or debit cards when making a purchase online or in-app with iPhone and iPad.
Apple said the ability to redeem rewards for a purchase with Apple Pay will be available beginning in the US with Discover and Synchrony, and across Apple Pay issuers with Fiserv.
The ability to access installments from credit and debit cards with Apple Pay will roll out starting in Australia with ANZ; in Spain with CaixaBank; in the UK. with HSBC and leading digital bank Monzo; and in the US with Citi, Synchrony, and issuers with Fiserv.
Users in the US will be able to apply for loans through BNPL provider Affirm when they check out with Apple Pay.
Another feature of the digital wallet is improved integration with event tickets, which will gain new features, too.
Apple provides a plethora of financial services, including a credit card, savings, payments, BNPL services, and various digital wallet offerings. Some observers expect Apple to soon offer an investment option – something the company previously considered.
