Apple’s tweaked the official brand name of its Apple Pay Cash feature that launched in December 2017. Henceforth, the peer-to-peer payments service shall be known as Apple Cash.
The new name was first dropped in the Apple Pay segment during yesterday’s “It’s Showtime” keynote presentation at Steve Jobs Theater on the company’s new Apple Park campus.
The old name is still present in the Wallet app on iOS 12.2, but it’s going to be replaced by the Apple Cash name alongside the scheduled launch of the new Apple Card this summer.
“Every day you spend, cash is added to your Apple Cash card, which is also in the Wallet app,” Jennifer Bailey, Vice President of Apple Pay, told the gathering of journalists, analysts and Hollywood stars who attended the press event yesterday.
She was referring to cashbacks, called Daily Cash, that Apple Card users will receive daily: two percent in Daily Cash rewards every time they pay with Apple Pay on your iPhone, three percent when buying from Apple and one percent when using the physical Apple Card.
As we reported earlier today, Apple Cash no longer supports sending money using a credit card other than Apple Card, a sly trick to drive its adoption. Debit cards can still be linked with Apple Cash and free ACH bank transfers continue to be supported by the peer-to-peer service.
No matter how you look at it, renaming Apple Pay Cash to just Apple Cash makes sense from both branding and usability perspectives. Not only is it shorter and easier to memorize, the new name more importantly helps avoid any potential confusion.
Previously, inexperienced customers could have easily confused Apple Pay Cash with Apple Pay. Although both are mobile payments services that take advantage of the same security features and infrastructure, Apple Cash is a money-transfer service that works between two individuals through the Messages app while Apple Pay is much broader in scope.
This isn’t the only post-event name change: Apple just renamed the previous-generation Apple TV to Apple TV HD to better reflect the difference in resolution between it and Apple TV 4K.