In a minor new update, Apple has added support for Mastercard debit cards to Apple Cash. This means Apple Cash users can now use their Mastercard debit card to send money in Apple Pay and iMessage. Apple will also allow users to transfer their Apple Cash balance to their bank account through their Mastercard debit card.

More importantly, Apple is revising the transaction charges fees for Apple Cash. Apple previously used to charge 1% of the transfer amount as a transfer fee for Instant Transfer. Beginning August 26, 2021, this will change to 1.5 percent of the transfer amount, with the minimum transfer fee being 0.25$. The maximum transfer fee cap is set to $15.

The company is informing customers about this change through email.

Pretty big change to #ApplePay.

-1% to 1.5% is a pretty big change in fees for instant transfers
-You can now use #Mastercard debit cards for instant transfer

-You can still use ACH to your bank for free but it takes 1-3 days
-You can still transfer to #Visa debit cards#Apple pic.twitter.com/Wn0EVzyynh

— Daniel Hipskind (@DanielHipskind_) August 6, 2021

If you want to avoid paying the transfer fee, you can use ACH to transfer money to your bank account. However, this process is slower and the money can take 1-3 days to show up in your bank account.

Apple Cash allows iPhone users to easily send money to their friends and family right from within iMessage. The cashback earned by Apple Card users is also credit to Apple Cash. Apple Cash also integrates with Apple Pay, so you can use your Apple Cash balance to pay for your purchases through Apple Pay.