Apple Pay P2P Will Charge 3% For Credit Cards, Debit Cards Will Be Free

I wrote three days ago about the news that Apple Pay is getting person to person payments soon in iOS11. This was announced on stage at its Worldwide Developer’s Conference and one of the slides also showed that credit and debit cards will be allowed as forms of payment for these transfers.

Apple WWDC 2017 Apple Pay P2P

This seemed interesting for obvious reason, but there was no details of fees that would be charged for the new service. Now there is more information from Recode.

To send money using Apple’s money-transfer service when it launches in the fall, people will have to add a debit or credit card as a funding source to Apple’s Wallet app. Money-transfer services backed by a debit card will be free for users, while those backed by a credit card will be hit with a 3 percent fee. This is the same as its competitors.

A prepaid card was also mention at WWDC. Apparently Apple is partnering with prepaid payment card company Green Dot on the Apple Pay Cash card.

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