Apple's entry into the crowded mobile person-to-person payments market is now available to iPhone users as part of a beta for an upcoming version of iOS, according to multiple media reports.

Users can access Apple Pay Cash via the apps section of the Messages app. Once a user accepts a payment through the system, Apple will issue the recipient a virtual Apple Pay Cash card where the funds are stored for future use. 

Consumers can fund Apple Pay Cash transfer with any card linked to Apple Pay. Debit card transfers are free while Apple will charge users a transaction fee for transfers initiated with a credit card.