Apple Pay Cash

Goldman Sachs is reportedly seeking to end its partnership with tech giant Apple, as revealed in a new report by The Wall Street Journal. The banking company, which collaborated with Apple for the Apple Card credit card, Apple Pay Later, and the Apple Savings account, is looking to reduce its focus on consumer business. Talks are now underway between Goldman Sachs and American Express (Amex) regarding a potential takeover, which would involve transferring credit card partnerships, including the Apple Card, to another company.

Users of Apple Pay Cash may be asked to verify their identity as they approach the $500 mark of money added or payments received. Beyond this limit, identity verification is required to use the service. Green Dot Bank, which provides the Apple Pay Cash card and person-to-person payments must verify its customers to comply with federal law.

iOS 11.2 introduces Apple Pay Cash -- a peer-to-peer money transferring service for the iPhone and iPad. It's basically an extension of Apple Pay where you can now send and request payments directly from other iOS users. Previously Apple Pay could only be used to make purchases in stores, on the web and in apps, but now you can use your iPhone to pay your friend back for dinner.