Apples Virtual Currency: Apple Pay Cash
The Apple cash machine is a popular topic for debate. In part, this debate underlines the need to develop suitable taxation systems for a digital age, but given many with the power to develop these systems probably profit from the current one, I don’t expect rapid change.
Apple Pay is Apple’s foot in the cryptocurrency water.
There is an irony in that just like any cryptocurrency, it has a root in traditional financial payment systems. Just as you link Apple Pay up to your credit/payment cards, you must link most cryptocurrency services to the same.
Apple Pay Cash has the potential to change that, as money you receive (via Apple Messages) from others is added to your Apple Pay Cash card that will live in your Wallet app. https://www.computerworld.com/article/3236163/apple-ios/apple-pay-cash-and-stateless-cryptocurrency.html
While you can transfer this cash to your bank account if you want, you will also be able to use it directly to make purchases using Apple Pay in stores, in apps, on the web, or anywhere else that may eventually support the payment system.