Apple's Venmo killer is finally here — here's how it works

Apple's iPhone now has a built-in way to send cash via a text message.

On Monday, the company launched Apple Pay Cash. The feature allows users in the United States with an up-to-date iPhone to send money to other iPhone users through the company's Messages app.

A direct competitor to other digital cash apps like Venmo and Square Cash, Apple Pay Cash was first announced in June, at Apple's annual developer's conference. It was originally supposed to launch with iOS 11, the latest version of the operating system underlying the iPhone, which Apple released in September. But the company delayed its launch until the release of iOS 11.2, which the company made available over the weekend.

Unlike its competitors, Apple Pay Cash doesn't work on Android devices. However, you can send payments using the service via an iPhone, iPad, or an Apple Watch.

Apple said in a tweet it will be rolling out Apple Pay Cash to iPhone users over the course of this week. We were able to use it on Monday, but it's not available to everyone yet.

Here's how it works:

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You access Apple Pay Cash through the app drawer in the Messages app.
You access Apple Pay Cash through the app drawer in the Messages app.
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First, tap the App Store icon next to the box where you type messages. Then, tap the black Apple Pay icon in the dock.

You might have to set it up first.
You might have to set it up first.
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You can set up Apple Pay Cash in the Wallet & Apple Pay area inside the Settings app.

You'll need to verify your identity.
You'll need to verify your identity.