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Apple Pay is a convenient way to make purchases without having to swipe your card or fumble through your wallet. But what happens when it expires? In this blog post, we will answer all of your questions about Apple Pay expiration.
When Does a Payment Expire on Apple Pay?
An Apple Pay Payment expires when a receiver does not accept the sent payment within 7 days.
You can see if a payment has been accepted by checking the ‘payment status’ in your Wallet app. If it’s shown as ‘PENDING’, the receiver has not yet accepted it.
What Happens When Someone Doesn’t Accept Your Apple Pay?
If you send a payment and the receiver does not accept it, your payment will expire in seven days. You can see if a payment has been accepted by checking the ‘payment status’ in your Wallet app.
If it’s shown as ‘PENDING’, the receiver has not yet accepted it. If you sent a payment that was not accepted, Apple Pay will refund the money to your card within seven days. The funds will be returned to the original source of funding for that transaction.
Where Does the Money Go When a Transaction Fails?
You must have noticed that it takes a while for Apple Pay to return your money after a failed transaction. Now, Apple does not really specify where this money really goes in the meanwhile.
However, there are some theories as to what happens when there is a dispute between two parties. In such a case, a third party escrow account, sometimes called a suspense account is used to store the money.
Until the dispute is resolved, the money stays in the account. So, if your transaction fails or is disputed, don’t worry – your money is safe!
Can You Unsend or Cancel a Payment Sent on Apple Pay?
If you sent a payment by accident, or if you’ve changed your mind, you can unsend or cancel the payment.
- Go to the Messages App on your iPhone and find the message that contains the payment you want to cancel.
- Tap on it, then tap “Cancel Payment.”
Another way of doing this is via the Wallets App. Simply select the card you used to make the payment, select the transaction and cancel it.
However, canceling a payment is not possible if the other person has already accepted it. In that case, you’ll need to contact them directly and ask for the money back.
Does Apple Pay Charge Fees on a Transaction?
Apple does not charge any fees for using Apple Pay. However, some card issuers may apply a transaction fee when you use their cards with Apple Pay.
Whenever you choose to pay via a credit card, there is a 3% additional fee assessed. Such a fee is not applicable on debit card and cash payments.
You can check if your bank charges any fees by contacting them directly or checking the information on their website.
How to Raise a Dispute with Apple if You Do Not Get Your Funds Bank after a Transaction Expires?
If you sent a payment and the receiver didn’t accept it, your payment will expire in seven days. The funds will be returned to your original source of funding for that transaction.
You’ll know when this happens because you’ll see the ‘payment status’ changed from ‘PENDING’ (pending approval) to ‘EXPIRED’. The funds should show up in your account within seven days after expiration date has passed and Apple Pay confirms with bank/card issuer that they received them back successfully without any issues.
However, if you do not get your money back even after seven days have passed, there may be something wrong. In such a case, you can raise a dispute with Apple. To do this go to your Wallets application and select the transaction you have a concern about from your transaction history.
Now, select ‘report an issue’ and select the relevant option amongst- dispute charge, unknown transaction or other issue.
An automatic message will be sent to your messages app. Send this message. You will then receive a form for filling out more details about your issue. Once you fill this, send it across for Apple to validate your claim. They have outsourced these validations to Goldman Sachs.
Once you’ve sent the message, you should receive a response within 72 hours(industry standard, Apple does not specify a turn around time).
Can Apple Pay Transaction be Reversed?
Apple Pay transactions cannot be reversed. It is the users’ responsibility to ensure that any transactions are authorized and appear on their billing statement.
This means that even if you’ve made a mistake, contact the other party directly and ask them for your money back. This can get difficult as there may not always be an easy way of getting in touch with the person you sent your payment to, especially if it was someone from Craigslist, OfferUp, or Facebook Marketplace etc.
You can raise a conflict if you do not get your money back within seven days, as described in the previous section.
You may even raise a complaint with your card issuer or bank but it’s important to remember that Apple Pay transactions are not reversible, so the bank may not be able to help you.
Most of the time a reversal of payment will also depend on the merchant you’re dealing with. For example, if you are buying something on eBay, the seller may agree to a refund based on their own policies.
Will You Get Your Money Back if Scammed Via Apple Pay?
Apple does not take liability for any losses incurred due to unauthorized activity on your Apple Pay account.
However, you can raise an issue over the transaction as explained in the previous sections and wait for Apple to get back to you.
FDIC Insurance covers your account for $250,000 if it is hacked or compromised by a third party. This does not include getting scammed or phished.
For this reason, it is advisable to always check the legitimacy of a seller before making any payments via Apple Pay.
The Bottom Line
Apple Pay is a revolutionary way of paying for stuff. It can be used with almost all the banks and cards worldwide, making it incredibly convenient for users to make any payments within seconds.
Apart from being super fast, Apple Pay is also extremely secure as no information about your card or bank account gets shared with the merchant when you make a payment.
In case of any fraudulent activity, your information is protected as Apple Pay does not share your card number or identity with the merchant. The only thing that merchants get to see is a device-specific number and transaction code which cannot be used by anyone else.
Overall, it’s important to note that if you’re not ready to make a payment you should never authorize it. Apple Pay transactions are irreversible and cannot be reversed once they have been authorized successfully.
If you have any issues with your transaction, contact the other party directly or raise a dispute with Apple- through their messaging support system as described in this article above. It’s important to be aware of the expiration date on payments and what to do if you don’t get your money back after seven days.