iOS 11: Apple Pay Cash, a new feature that lets you send cash via iPhone's iMessage, has been delayed

Lynsey Barber
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iOS 11 is coming today, but not with a cash transfer feature Apple promised last year (Source: Getty)

Fintech startups can breath a sigh of relief - for now at least. Apple's latest move into the world of finance has been delayed.

A new feature for the iPhone that lets you transfer money via text message was set to be introduced with the latest operating system update, iOS 11, which is available from today.

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But Apple has quietly pushed back what analysts have called a big deal and the "800lb gorilla in the peer-to-peer payments pool", saying that it will now come in a later update to iOS 11 and the Apple Watch later in the Autumn.

"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," it said in the latest information published about the update.

"Pay and get paid right in Messages, or tell Siri to pay someone, using the credit and debit cards they have in Wallet. When users get paid, they receive the money in their new Apple Pay Cash card in Apple Wallet and can use the money instantly."

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Apple Pay Cash is the most significant update to the tech giant's ambitions in finance since the launch of Apple Pay, which came to the UK last year.

The feature takes on the likes of PayPal in the US, where its Venmo money messaging app is hugely popular among millennials, and Square Cash.

In the UK, Transferwise added the ability to send cash via Facebook Messenger earlier this year and money transfer via messaging is also an element of other fintech apps, such as Circle.

Apple is not the only tech giant eyeing up mobile payments either. Google yesterday launched Tez in India, its first standalone app for money transfers.

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