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Apple launches peer-to-peer payments to take on Square, PayPal and Venmo

Todd Haselton
Updated
Apple's Pay Cash will let you send money to your family or friend and can even transfer the money right out to a bank account.

Apple just announced that iOS 11 will support peer-to-peer payments through a new feature called Pay Cash, making it a direct competitor to similar services offered by Square Cash, PayPal, Venmo and even Facebook.

Peer-to-peer payments allow one user to pay another one through their smartphone. You might use it to pay a friend for pizza, for example, or to split a meal at a restaurant. It's an industry that's been growing in popularity, and one Apple has been rumored to enter.

Pay Cash will allow you to easily send money to family and friends, transfer it to and from your bank, and to even use it for Apple Pay purchases.

It'll be a part of iOS 11, which launches later this year, Apple said Monday at the Apple Worldwide Developers Conference.