Apple is adding more security to peer-to-peer (P2P) payments made through Apple Cash—Cupertino's version of Venmo or Zelle that allows for money transfers between iPhone, iPad, and Apple Watch users.

Starting Oct. 4, 2024, transactions over $500 will require identity verification, according to a terms and conditions update emailed to customers this week. The change only applies to P2P transfers, whether sending from your Apple Cash balance or a supported payment card stored in Wallet.

Even if you don't plan to send $500 at one time, the change could still apply to you. Apple will keep track of all prior payments on a rolling basis and will count them toward the limit.

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The email also notes that money sent via Tap to Cash will count toward the weekly P2P send and receive limits, which is a hefty $10,000. Tap to Cash debuts this fall along in iOS 18. It will enable iPhone users to send and receive money by holding two compatible phones together. To avoid accidentally sending money to someone nearby, Tap to Cash payments require authentication via Face ID, Touch ID, or a passcode. It's possible the $500 limit could be a further security measure.

Also on Oct. 4, those with a Vision Pro headset will be able to use Apple Cash.