Payments sent to your iPhone via Apple Pay Cash are added to your Apple Pay Cash balance. This can be used to make purchases with Apple Pay in stores, within apps and on the web. Your Apple Pay Cash balance can also be transferred to a connected bank account, or used to send Apple Pay Cash payments to other iOS devices.
To check your Apple Pay Cash balance open your Wallet app and locate the Apple Pay Cash card. Tap the card to see your balance, a list of recent payments and who sent them.