Of course, sending money via iMessage isn't new - companies like Square and Venmo already have iMessage apps that let you send payments via their platform.
The feature will be built into iMessage as an app, and essentially lets you send and request money with your contacts in one tap.
At WWDC, Apple's developer conference, Monday, Apple said Apple Pay is coming to Messages in iOS 11. Based on early images from Apple, it looks like your Apple Pay Cash account will appear as a card along with your credit, debit, and loyalty cards in the Wallet app, where you can check your balance. The feature will be available later this year, but there are still a lot of unanswered questions about how it will work. And Square, the payments startup of Jack Dorsey, has Square Cash in the US.More news: Bangladesh facing uphill battle against Australia
Apple's new payment system isn't exactly a surprise. Using an a newer iPhone or Apple Watch, you can pay for items on the go at supported retailers via NFC technology. Customers can then use either their iPhone (or linked Apple Watch) to pay at retail stores equipped with point-of-sale registers supporting near-field communication (NFC) technology, which enables frictionless payments between smartphones and registers. Users can link their bank accounts, debit cards, or credit cards to their Venmo account.
These peer-to-peer apps are especially popular with young people, who use them for everything from swapping rent among roommates to repaying friends for group outings like a restaurant bill. It's still unclear whether or not you can send money to folks not using an iOS device, which could make drinking with friends a little more awkward if they are on Android devices.