The online payment platform, PayPal, announced it would soon support Apple’s Tap to Pay on iPhone technology, allowing merchants to accept contactless card payment without additional hardware on their mobile devices.
In its Q3 2022 earnings report, PayPal announced that under its strategic initiatives and business updates, it is “working with Apple to enhance our offerings for PayPal and Venmo merchants” by “leveraging Apple’s Tap to Pay on iPhone technology”.
“U.S. merchant customers will soon be able to accept contactless debit or credit cards and mobile wallets, including Apple Pay, using an iPhone and the PayPal or Venmo iOS app,” the company said in the report.
PayPal also said it intends to add Apple Pay as a payment option in its unbranded checkout flows on merchant platforms, including the PayPal Commerce Platform.
In a related development, from next year, U.S. customers will be able to add PayPal and Venmo network branded credit and debit cards to Apple Wallet and use them anywhere Apple Pay is accepted, according to the company.
What is the Apple’s Tap to Pay feature?
Unveiled in February with U.S. payments giant Stripe as a launch partner, Apple’s Tap to Pay on iPhone technology enables merchants to use their iPhone to accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone without the need for an additional hardware or payment terminal.
“As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet said in a statement at the time.
In September, Block — the Jack Dorsey-led company behind Square and Cash App — announced that it now supports Apple’s Tap to Pay for iPhone feature for merchants, months after Apple reportedly rolled out the technology in its stores in the U.S.
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