The news about the change is sent to users with an email update. The new terms and conditions will be in force from October 4, 2024. This will be timed with the new “Tap to Cash” functionality in iOS 18.
Of course, almost anyone who used or will use Apple Cash will be subject to the new requirement, as the $500 threshold applies to past and future money sent with the feature. It applies if you send money either with your debit card or with your Apple Cash balance. The transfer limit applies to P2P transfers you send as well as receive.
You can read the new Apple Cash terms and conditions.
In my opinion, requiring an ID for Apple Cash transactions over $500 makes sense for security, but it might feel like an extra hassle for users who are used to the simpler process. While it’s understandable that Apple wants to keep things safe, this new rule might be a bit inconvenient for people who just want to send small amounts of money without any fuss.
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