Once it's available, users can tap the App Store icon in the Messages app and then select Apple Pay from the app options. After inputting the amount and selecting a payment card, the transaction will then be authenticated via Touch ID or Face ID and completed. The funds will be available in the recipient's Apple Pay Cash card, which can be used via Apple Pay or transferred to a bank account. And any card linked to Apple Pay can be used to send funds.

The new Venmo-like service has been in the works for a while and was initially expected to launch with iOS 11, but users are going to have to wait a bit longer. "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. Pay and get paid right in Messages, or tell Siri to pay someone, using the credit and debit cards they have in Wallet," Apple said in a statement.