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This seems smart

I have no issues with this and certainly feel more comfortable doing identity verification with a company like Apple vs many random alternatives
I agree

Venmo does something similar already with prompting for the last 4 digits of a user's phone # when sending money to someone, but for some reason that's beyond explanation, they allow you to bypass that which kind of defeats the purpose of said prompt in the first place

Knowing Apple, I'm sure they will have something better than that and something that you absolutely have to do before sending such a large amount to someone
 
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If you’re sending $500+ why would you not want this?

For small amounts I can understand (I don’t want contact information shares and I don’t care about the seller identity if I’m just buying a soda).
 
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I assume you can verify identity at any time? Ie before Apple asks for it?

I don’t use Apple Cash very much but I’d be keen to be preauthorized so I’m never in a situation wanting to send $500+ but not able to right away.
 
I am not sure how Apple will implement this. I am concerned they might block an important transaction to force the ID verification at the most inconvenient moment. If this is needed I would prefer to have a choice of being proactive. Perhaps a push notification to the phone and giving several days to comply with this. I don't mind doing this. I would mind if this stops me from sending or receiving money at the worst moment. I would actually extend this ID verification to social media so people could choose to block/ignore every user who is not ID verified and also perhaps posting with their real name. I think we would avoid a lot of grief in forums and comments sections and a lot of foreign agents looking to cause harm. Not thinking about the MacRumors forums in particular.
(Edit) Looks like my account is verified as it is shown in the card details. I wonder if any other verification will be needed after October 4th.
 
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I hope I am wrong, but if I have to take a picture of my license, and answer questions questions to complete a transaction, it sounds like using another payment method will be faster/easier.
Identity verification is a one-time thing - not every transaction.
 
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Now… separately entirely and to the general audience. I use Apple Cash to fund my kids allowances. How in the world am I going to get an ID verification for them after this threshold? Their passports?
If their allowance is >$500.... ya wanna adopt another one? 😳

Seriously though - if it's Apple Cash family, I think you'll be fine.
 
If you’re sending $500+ why would you not want this?

For small amounts I can understand (I don’t want contact information shares and I don’t care about the seller identity if I’m just buying a soda).
That must be some expensive soda!
 
I hope I am wrong, but if I have to take a picture of my license, and answer questions questions to complete a transaction, it sounds like using another payment method will be faster/easier.

I agree. Ideally, the verification can occur without really any additional input beyond say a FaceID camera. Even having to answer security questions seems weird. But that said, even if FaceID were acceptable, you can't do that on your Watch.
 
Sure. Find a Canadian bank that will partner and facilitate it.
Goodness, Canadian banks are allergic to anything that could remotely look like any sort of competition. It would force them out of their comfort zone and they definitely will have none of that.

Open banking still isn't happening either, the banks are still actively blocking it despite the federal government's approval.
 
I wish it could be set lower. Lately I've seen reports of people grabbing unlocked phones out of non vigilant people's hands and sending cash / Venmo payments then giving it back to them and running off.

But as others have said, probably a tax thing in the long run.
 
I wish it could be set lower. Lately I've seen reports of people grabbing unlocked phones out of non vigilant people's hands and sending cash / Venmo payments then giving it back to them and running off.

But as others have said, probably a tax thing in the long run.

It seems to be just a one-time verification so it wouldn't help with that if you're already verified.
 
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