Here's how to use Apple Pay Cash, Apple's new Venmo competitor

Published Tue, Dec 5 20171:34 PM ESTUpdated Fri, Dec 8 201711:36 AM EST

Key Points

Apple Pay Cash launched in iOS 11.2 this week.
It's like Venmo, but made by Apple, and lets you send and receive money to and from people.
CNBC walks you through how to use Apple Pay Cash in this guide.

Todd Haselton | CNBC

Apple launched Apple Pay Cash this week. It's a new feature of iOS 11.2 that lets you exchange money with friends. It competes with PayPal's Venmo, Square Cash and other digital payment services.

You use it by setting up a digital Apple Pay Cash card on your phone. You can then use it in stores at checkout counters when you go to pay, just like any other credit card in Apple Pay. Or you can transfer money directly to your bank account.

Here's how to get going with Apple Pay Cash.

First, make sure you're on iOS 11.2 You can do this by going to Settings > General > Software update. This will tell you your current version of iOS and will prompt you to update if you're running older software.

Todd Haselton | CNBC

Navigate to Settings > Wallet & Apple Pay. If your phone is ready (it's rolling out, remember), you'll see an Apple Pay Cash card. Tap it.

Todd Haselton | CNBC

Hit continue and agree to the terms and conditions.

Todd Haselton | CNBC

To send money, you need to have money in the account. Go to Settings > Wallet & Apple Pay, and you can load the card up with money from other credit and debit cards you already have stored in your Apple Wallet. You need to add a minimum of $10.

Todd Haselton | CNBC

Now you're ready to go. In Messages, tap the app store icon and then select Apple Pay at the bottom.

Todd Haselton | CNBC

You can send Apple Pay Cash only to other people who have it set up. You can send up to $3,000 to someone.

Todd Haselton | CNBC

You can also use Siri to send money. Just say, "Hey Siri, send $20 to Todd Haselton." You'll get to choose between apps that support this, including Venmo.

Todd Haselton | CNBC

When you receive money, it shows up in your Apple Wallet on the Pay Cash card. You can use this anywhere Apple Pay is accepted, like at Dunkin' Donuts. Or you can pay other people from this balance.

Todd Haselton | CNBC

You can also can transfer money out to your bank account. To make a transfer, add a bank account with a routing number and account number.

Todd Haselton | CNBC

First, make sure you're on iOS 11.2 You can do this by going to Settings > General > Software update. This will tell you your current version of iOS and will prompt you to update if you're running older software.

Navigate to Settings > Wallet & Apple Pay. If your phone is ready (it's rolling out, remember), you'll see an Apple Pay Cash card. Tap it.

Hit continue and agree to the terms and conditions.

To send money, you need to have money in the account. Go to Settings > Wallet & Apple Pay, and you can load the card up with money from other credit and debit cards you already have stored in your Apple Wallet. You need to add a minimum of $10.

Now you're ready to go. In Messages, tap the app store icon and then select Apple Pay at the bottom.

You can send Apple Pay Cash only to other people who have it set up. You can send up to $3,000 to someone.

You can also use Siri to send money. Just say, "Hey Siri, send $20 to Todd Haselton." You'll get to choose between apps that support this, including Venmo.

When you receive money, it shows up in your Apple Wallet on the Pay Cash card. You can use this anywhere Apple Pay is accepted, like at Dunkin' Donuts. Or you can pay other people from this balance.

You can also can transfer money out to your bank account. To make a transfer, add a bank account with a routing number and account number.

That's all there is to it!