Apple's version of Venmo won't be ready until later this year

"Coming this fall with an update to iOS 11 and watchOS 4, Apple Pay users will be able to send and receive money from friends and family quickly, easily and securely".

According to a report by MacRumors, Apple today confirmed via a blog post that the Apple Pay Cash feature will be released later as part of a future update to iOS 11 and watchOS 4. For this objective, Apple also launched its own digital debit card called Apple Pay Cash card that works just like any other debit card allowing you to buy things online, or through tap and pay transactions in physical stores.

Once it's available, users can tap the App Store icon in the Messages app and then select Apple Pay from the app options. When users get paid, they receive the money in their new Apple Pay Cash card in Apple Wallet and can use the money instantly. The authentication will be the same as is the case for all Apple Pay transactions which include Touch ID authentication.

Apple's version of Venmo won't be ready until later this year

The money will be added to the recipient's Apple Pay Cash card that lives in the Wallet app. You can also transfer the Apple Pay Cash balance to your bank account. And any card linked to Apple Pay can be used to send funds. "Can I pay you back later" excuse.

Venmo and Square Cash already offer their own iMessages apps to provide a Pay Cash-like experience, but Apple has an advantage of owning the platform itself and possibly providing a more seamless user experience. In addition to long-established players such as Venmo, PayPal and Square Cash, Zelle launched its own iOS app in June with the backing of more than 30 US banks.