Apple to Require Identity Verification for Sending $500+ in Apple Cash Starting in October

Apple today began sending out emails to customers letting them know about upcoming changes that are being made to the Apple Cash Terms and Conditions.

ios 18 tap to cash
iOS 18 and watchOS 11 introduce Tap to Cash, a feature that allows users to exchange Apple Cash in person by holding an iPhone or Apple Watch near another ‌iPhone‌ or Apple Watch. As part of this feature implementation, Apple is changing the identity verification rules surrounding Apple Cash.

Starting on October 4, Apple will require that ‌iPhone‌ and Apple Watch users verify their identity to send more than a total of $500 in peer-to-peer transfers, which includes sending Apple Cash via Messages and making Tap to Cash payments. Identity verification is required whether sending money from an Apple Cash balance or from a supported card in the Wallet app. Prior transactions will count toward the limit that will trigger identity verification.

Apple already requires identity verification for Apple Cash for those who use the feature frequently. Apple's support document says that users cannot add or receive $500 or more in total without identity verification, so it sounds like verification will also be required when sending large amounts of money as of October.

Identify verification for Apple Cash involves taking photos of a driver's license or ID card, as well as answering personal history questions and providing information like home address, date of birth, and social security number.

Identity verification for sending payments makes sense as Tap to Cash will allow money to be exchanged without being accompanied by personal information like phone number. Tap to Cash is designed for private in-person transactions where Apple Cash is exchanged.

Apple's email to customers also says that it is adding the Vision Pro as a supported device for Apple Cash and that weekly peer-to-peer transfer limits will apply to transfers that are sent as well as received. Apple allows users to send or receive a maximum of $10,000 within a 7-day period.

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Top Rated Comments

DVDxR Avatar
18 weeks ago
You already did

I can send cash to people via Zelle etc. with no identity verification. More than $500.


No you can't, you just don't realize it because your identity in Zelle is tied to your bank account, who already did the identity verification.

As for why, most likely it's to comply with US Know Your Customer (KYC) requirements and they have no say in it.
Score: 22 Votes (Like | Disagree)
centauratlas Avatar
18 weeks ago
Probably KYC related being required by governments.
Score: 13 Votes (Like | Disagree)
turbineseaplane Avatar
18 weeks ago
This seems smart

I have no issues with this and certainly feel more comfortable doing identity verification with a company like Apple vs many random alternatives
Score: 11 Votes (Like | Disagree)
sdf Avatar
18 weeks ago

Likely for tax purposes, yes, but with all the data leaks and how much data is already out there, people are getting less and less likely to provide this much data to any one company, even Apple.
Likely a legal requirement for Apple to do this as an anti-laundering measure. As for whether people use it, the only untracked alternative in the log run is probably going to be cash.
Score: 9 Votes (Like | Disagree)
WarmWinterHat Avatar
18 weeks ago

Yay, more reasons for crypto!
There is never a reason for crypto.

If you care that much, use cash..
Score: 9 Votes (Like | Disagree)
coffeemilktea Avatar
18 weeks ago

users cannot add or receive $500 or more in total without identity verification

as well as answering personal history questions and providing information like home address, date of birth, and social security number.
I wonder if this will eventually get used for tax purposes? ?

I remember people on Twitter kicking up a fuss since you could potentially be taxed if you receive more than $600 on PayPal ('https://www.paypal.com/us/cshelp/article/will-paypal-report-my-sales-to-the-irs-help543') (it used to require at least $20,000 before the IRS got involved). I imagine the government wants its "fair share" of your Apple Cash transactions too. ?
Score: 9 Votes (Like | Disagree)