Apple Pay is getting a big upgrade in iOS 11 with the addition of a new feature called Cash. With Apple Pay Cash, users will be able to send and receive peer-to-peer payments through iMessage. All the funds will be stored in a new holding account on an Apple Pay Cash card, where they can be spent at Apple Pay-accepting locations, or withdraw to a bank account.
While the feature is similar to existing services like PayPal and Venmo, it might carry a few additional benefits. For one, funds can be spent directly from the aforementioned card. It’s also built into Messages with deep Siri integration. When it launches, users will be able to tap on a monetary amount in any iMessage thread to automatically start a new transaction.