Apple announced that starting October 4, it will begin enforcing new identity verification procedures for users who send or receive more than $500 per week through Apple Cash.
The new update to the terms of service means that users will be asked to provide personal information such as their date of birth if their transactions exceed this weekly limit, whether they are made through Apple Cash or using payment cards supported in the Wallet app.
This new policy comes as Apple prepares to launch its operating system. iOS 18which introduces a new feature called Tap to Cash. This feature allows users to quickly and securely exchange money between their phones without having to share phone numbers or email addresses.
However, like Apple Cash, transactions over the $500 per week limit will be subject to identity verification.
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Previously, Apple required some personal information to verify users' identity when using certain functions in Apple Cash, but the new change aims to enhance security as new features are rolled out in the upcoming system.
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