Apple Pay Cash says Apple id cannot use two factor authentication when my apple id is set up for 2 factor

I logged out of iCloud on the phone only. Some other problems with iCloud have been solved by logging out of *all* devices, but I only had to do it for one here. When I logged back in, I went back to Wallet, and I could set it up successfully.

Turn your 2 factor authentification on your device off and on again. That will resolve the problem

I've seen another report of the same issue. You may want to use the "Get Support" button at the bottom of the following page: Apple Pay Cash - Official Apple Support

I am having this same issue, but it didn't work for me when I logged out. I even got on the phone with apple and they couldn't figure it out. So we just simply log out of icloud and then just log right back in? That's it?

I tried signing out and signing back in but it still wouldn’t let me finish setup

This tip worked for me. thank you

I had this same problem. The error message was clearly incorrect, because I already had two-factor turned on.

I gave up and called Apple. They had me log out of iCloud and log back in. That fixed it, and I could set up Apple Pay Cash properly from there.

Did they ask you to sign out on all of your devices, or just the iPhone you wanted to use the Apple Pay Cash on? Please advise.