9to5 Mac reported that Apple Cash users can now use the Instant Transfer feature with Mastercard debit cards. Apple Cash can be used for purchases and for person-to-person transactions. Apple recently launched Apple Cash Family, allowing users to share funds with kids.
Adding Mastercard for transfers is not difficult, particularly for a tech firm like Apple, so it makes one wonder if the delay in adding the Mastercard option (they have had Visa in place for a while) was due to contractual concerns, not technical. In addition to adding Mastercard access, they also increased the fees, trying to give users more of an incentive to keep their money with Apple.
Here’s the scoop from the article:
In an email sent to Apple Card users on Thursday, Apple says users can now transfer money from their Apple Cash balance to a bank account using a Mastercard debit card and Instant Transfer. Previously this was only possible using a Visa debit card. With Instant Transfer, the money is sent immediately to your bank, so you don’t have to wait until the transaction is processed.
The company is also changing some Apple Cash terms and conditions with today’s update. Most notably, the company will now charge 1.5% (previously 1%) for transfers made with Instant Transfer. There will be a minimum fee of $0.25 and maximum fee of $15 per transaction. These changes will take effect from August 26, 2021.
Those who don’t want to pay any fees for sending money from the Apple Card balance to a bank account can use ACH transfers. However, this method takes from one to three days to add the money to your account.
With Apple Cash, users can easily send and receive money to friends and family through iMessage. The service is also integrated with Apple Card so users can receive Daily Cash. All the money in an Apple Cash account can be used in stores through Apple Pay.
It’s worth noting that Apple Cash is currently exclusive to the US
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
