Australia markets open in 7 hours 49 minutes

    -42.80 (-0.52%)

    -0.0045 (-0.68%)
  • ASX 200

    -39.90 (-0.50%)
  • OIL

    -0.34 (-0.42%)
  • GOLD

    -10.70 (-0.45%)
  • Bitcoin AUD

    -157.03 (-0.16%)
  • CMC Crypto 200

    -23.15 (-1.65%)

Tap to cash: Apple confirms Aussies not getting game-changing iOS 18 feature

iPhone users in the US will soon be able to send money to friends and loved ones easily.

Two iPhones hovering over each other
Apple has unveiled a 'game-changing' update that will make it easier to send money to people. But sadly, this won't be coming to Australia. (Source: Apple)

Apple has announced a new way to send money to your friends and loved ones. But sadly it looks like Aussies won't get to enjoy the "game-changing" new cashless feature.

Imagine finishing dinner with your mates and just reaching over to touch your devices to settle the bill around the table. No awkward splitting with the waiter, or exchanging BSB, account or phone numbers.

Well, that's what Tap to Cash will allow people to do.

But, a spokesperson for the tech giant told Yahoo Finance on Wednesday there aren't any immediate plans to bring the innovative update to Australia, which was announced at the Worldwide Developers Conference (here are the features we thought were most interesting) on Tuesday.



Apple announced Tap to Cash will be introduced with the incoming iOS 18 and WatchOS 11 update.

Tap to Cash works in a similar way to the new AirDrop system where two phones physically come together and the money immediately goes from one device to the other.

You won't have to fiddle around with your banking apps or need to get account numbers or their PayID.

"Continuing on our journey to replace your physical wallet, we're introducing Tap to Cash, a quick and private way to exchange Apple Cash without sharing phone numbers or email addresses," Craig Federighi, Apple's senior vice president of software engineering, said during the WWDC.

"With Tap to Cash, you can pay someone back for dinner just by holding your phones together."

But an Apple spokesperson told Yahoo Finance this will only affect users in the US, with no clear timeline for rollout in Australia.

It follows Apple's Tap to Pay feature, launched in Australia last year, which allows small businesses to accept digital payments through an iPhone rather than an EFTPOS machine or POS terminal.

But why would that matter to you? Well, how you pay should really matter if you consider Australians are spending up to a billion dollars on extra surcharges linked to digital payment methods.

Canstar finance expert Steve Mickenbecker told Yahoo Finance Aussies are in need of more payment options.

"[Tap to Pay] is a merchant solution for all of those micro-businesses, like tradies on the road, without having to pay away 2 per cent of your bottom line [to surcharges]," he said. "It's definitely moving in the right direction."