Apple Cash serves as a way for users to store money in the Wallet app and make purchases using Apple Pay without the commitment of a credit card, but parents and family organizers can control and view how a child or teen spends their Apple Cash through Family Sharing. Like any other digital currency application or service, money can be loaded on an Apple Cash card to be used for purchases and peer-to-peer payments. However, a key advantage of Apple Cash is its integration with the Apple ecosystem. The service can be used to send money to people directly within iMessage and to traditional payment terminals with Apple Pay. It's an interesting alternative to something like the Apple Card, which is a credit card centered around Apple Pay, but there is less risk associated with using Apple Cash.
Since money is loaded on an Apple Cash account directly from a bank or other service, users can only spend as much money as they've loaded onto their card. This is a great way to get Apple Pay functionality without adding a credit or debit card to the Wallet app, and it is even better for children and teens who likely do not have a credit card or bank account of their own. People under the age of 18 can't set up an Apple Cash account on their own, but through Family Sharing, a family organizer can allow Apple Cash accounts for children and teens on their Family Sharing group. With Apple Cash Family, a family organizer can give children and teens Apple Pay support without adding one of their credit or debit cards to the child's phone, avoiding the risk of overspending.
After a child or teen's Apple Cash account is set up, it is possible to view and control their spending through the Wallet app, but the available settings vary depending on the permissions a user has in a Family Sharing group. The family organizer has the most control over the spending habits and settings of children and teens in their family sharing group, with a slew of available settings that can restrict how and where Apple Cash can be spent. Parents and guardians who are not the family organizer of a Family Sharing group can view a child or teen's Apple Cash balance, their transaction history, and enable notifications when an Apple Cash transaction is made. To view a user's status in the Family Sharing group, open the Settings app on an iPhone and tap the 'Family' tab at the top of the screen.
View And Restrict A Child's Apple Cash Allowance
A convenient use case for Apple Cash Family is to send a child or teen their allowance, because it's easy to both send and manage a given allowance with iMessage and the Wallet app. As the family organizer, a user can manage an assortment of settings through the Wallet app on their iPhone. Open the application and tap the Apple Cash card, and proceed to tap the '...' button at the top right corner of the screen. Then, scroll down and select the name of the child whose Apple Cash settings will be changed. A family organizer can restrict who a child or teen can send money to, with options allowing money to be sent to everyone, contacts only, or family members only. If needed, the family organizer can also lock the Apple Cash account of a child or teen by tapping 'Lock Apple Cash' in red text at the bottom of the screen.
Parents and guardians who are not the family organizer can view information regarding a child or teen's Apple Cash account, but are unable to make changes on their own. To view a child's transaction history, open the Wallet app and tap the Apple Cash card. Then, tap the '...' button and select the child's name whose transactions will be viewed. Tap 'Transactions' to bring up the transaction history for the child or teen's Apple Cash account. On this page, the child or teen's entire transaction history can be viewed by a parent, guardian, or family organizer. Additionally, the family organizer has the option to request a child or teen's transaction statement for their records. With these tools, parents and guardians can send a child or teen's allowance with Apple Cash Family, as well as view and manage how the money is spent.
Source: Apple Support