Apple Pay vs. Apple Cash

Apple Pay vs. Apple Cash

Digital wallets are becoming one of the fastest-growing payment solutions among mobile device users, and, as of today, Apple Pay is the unquestionable king of them all. Apple also offers another digital payment service called Apple Cash. While the two are related, they aren’t the same, and this has caused some confusion among consumers and merchants alike. The growing popularity and value these systems represent to businesses make it a distinction worth clarifying. So, just what is the difference between Apple Pay and Apple Cash?

About Apple Pay

Apple Pay is the native digital wallet payment system that comes installed on all iPhones, iPads, and Touch ID-enabled MacBooks. The app allows users to load the payment cards (and some loyalty cards) from their physical wallets into their digital wallets in electronic form. Once a card has been loaded in, payments can be made by tapping the device against an NFC-enabled payment terminal or clicking the “Pay with Apple Pay” button online. A quick thumb swipe later and the transaction is done – far faster than digging out a physical card or filling in payment details online. 

The key with Apple Pay is that, while the wallet is facilitating the transaction and providing the security, the payment is still made directly through the card itself – normally the user’s default card, which is set to be automatically used unless an alternate is selected. The funds pass directly from the user’s bank to the merchant, with Apple Pay acting only as the plumbing. 

About Apple Cash

Apple Cash is another digital payment system offered by Apple, Rather than stand on its own, Apple Cash functions within Apple Pay and provides users with a way to make payments and transfer money to one another within the Messages app. 

Apple Cash acts as its own internal account, which users can load up and hold a balance on rather than pay with a traditional card. Users can then send and receive money on Apple’s native chat platform with ease, putting Apple Cash in direct competition with other transfer services like CashApp and Venmo. A user’s Apple Cash balance is also associated with a special card stored in Apple Pay which allows it to be used for normal transactions. 

Getting Set Up to Accept Apple Pay

Apple Pay and Apple Cash are growing in popularity, thanks to the system’s simplicity, security, and inclusion with all new Apple devices. Now is the ideal time for merchants to begin accepting digital wallet payments – both from Apple and their competitors like Google and Samsung. Luckily, offering digital wallet payments is easy, both in-store and online. 

Accepting Apple Pay in-store is as easy as using a modern NFC-ready contactless payment terminal. Assuming the software is up to date, any current contactless system is already equipped to accept all the major digital wallets right away. Online, enabling Apple Pay may be as easy as clicking a couple of buttons in the back end of a merchant’s ecommerce system. In both cases, if hardware or software needs tweaking to accept digital wallet payments, merchants need only reach out to their merchant services provider to figure out the next steps. 

If you’re ready to start accepting Apple Pay today and need modern contactless hardware or assistance getting set up with the right ecommerce system, look no further than BAMS. Our expert team has the knowledge and experience necessary to ensure a smooth transition to digital wallet payments both online and in-store, and we offer a full suite of modern NFC-capable payment terminals. Best of all, our interchange-plus pricing model means you’ll also get the lowest and most transparent pricing in the industry. 

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