Apple's latest how-to video teaches you Apple Pay Cash

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Apple Pay Cash, Venmo, and PayPal can all be used to shop at online retailers; PayPal (which also owns Venmo) may have the upper hand here, as the leading internet payment service.

The new system is available now through the iOS 11.2 update.

Apple customers who have not set up Apple Pay up on their supported device can still receive money, according to Apple.

Apple Pay Cash uses iMessage to send money to other users. With iOS 11.2 and watchOS 4.2, the Apple Pay Cash app for iMessage enables money person-to-person money transfers from within a text message conversation. We could use it on Monday, but it's not available to everyone yet.

Once you update, restart your phone and you'll be able to use it. Then, tap the black Apple Pay icon in the dock.

Once you've completed this step, Apple Pay Cash is all set up! In 2015 Apple rebranded its Passbook feature as Wallet, and in the latest iteration, consumers can tap their screen or go into settings to change the default card for Apple Pay purchases, cycling easily between a credit, debit or prepaid card, or the Apple Pay Cash account.

You'll have to confirm your legal name and address and type in the last four digits of your Social Security number.

Accept the Terms and Conditions by tapping "Agree" down in the bottom-right corner.

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Building Apple Pay Cash required help from major partners. Unlike the previous Apple Wallet functionality, with Apple Pay Cash, you can actually store money in an Apple account, rather than just using Apple Pay as a conduit for a credit or bank card.

Since iOS 8.1, Apple Wallet has let you pay participating stores and websites from your iPhone, touch-free, using a credit card that you connect with the service.

Instead of having Apple Pay Cash pull from your credit or debit card each time you make a transaction, you can put some money into your Apple Pay account via one of your linked bank accounts and draw from that. It explains which iOS devices are compatible with the service, how to make payments using Siri, and more.

Alternatively, you can also use the Settings app to enable Apple Pay Cash.

You'll then be prompted to scan your fingerprint using Touch ID (or Face ID for iPhone X users).

Here's what the whole process looks like.

. But if you don't plan to spend it from there, you can instead transfer that money to your bank account.

You'll have to enter your bank account information, including your routing and account numbers, to link Apple Pay Cash to your bank account.

Although Apple Pay Cash may be useful for financial matters, users should also take note of the various limits of the feature. And with any of them, you can make and receive payments from a web browser-not so with Apple Pay Cash.