From PC Mag: 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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