Paying with an iPhone just became a lot easier.
PayPal revealed in its third-quarter earnings report that iPhones would soon provide iPhone tap-to-pay technology support to PayPal and Venmo apps in the future, allowing for simpler and quicker payments using iPhones and Apple payment platforms.
Apple quietly added tap-to-pay technology on iPhones on June 7, immediately after its Worldwide Developers Conference on June 6, per Apple Insider.
PayPal, Venmo Tap-To-Pay Addition Details
PayPal mentioned in its recent earnings call that it has collaborated with Apple to allow iPhone users that use PayPal or Venmo to use their devices to accept contactless payments through debit or credit cards and mobile wallets, such as Google Pay.
According to CNET, the new payment option will soon be applicable both in the real world and online, providing customers with an additional payment method to consider when buying anything in-store or online.
Not much is known about PayPal and Venmo becoming available on Apple's iPhone tap-to-pay technology, with the two apps' inclusion date to the technology being left unmentioned in the report.
As such, it isn't known when iPhone users can capitalize on Apple's inclusion of PayPal and Venmo in its iPhone tap-to-pay technology.
Nevertheless, PayPal President and CEO Dan Schulman said in a statement that the company is "very pleased" to be working with Apple to improve its offerings for its PayPal and Venmo merchants and consumers, per Tech Crunch.
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Unfortunately, the ability to use PayPal and Venmo apps with an iPhone's tap-to-pay technology to pay will only be available to merchants and iPhone users inside the US.
Apple first announced that it is playing on adding a tap-to-pay feature on iPhones in February as a payment method for businesses to use. According to Engadget, customers would only need to tap/bump their iPhones against a merchant's iPhone to pay for something without involving any dongle, terminal, or other hardware.
On the other hand, merchants need to open up the correct app, register the sale, and present their iPhones for them to tap their device on to pay for their merchandise.
However, the feature requires an iPhone XS or a later model to work. Nevertheless, adding PayPal and Venmo is a good move on Apple's part, as its tap-to-pay technology previously worked only at Apple Stores and using Square's merchant app.
PayPal's Plans For the Future
PayPal's expansion has more plans in store for the future. The company's announcement mentioned that it is also adding Apple Pay as one of its payment options in its unbranded checkout flows on merchant platforms, including the PayPal Commerce Platform.
Additionally, US customers can soon add PayPal and Venmo network-branded credit and debit cards to Apple wallet and use them at places that accept Apple Pay.
Furthermore, it has also begun offering Venmo as a new payment method in Amazon to select customers only for now. The company expects everyone can use Venmo as a payment method by Black Friday.
Related Article: Amazon Adds Venmo As payment Method in Time for the Holiday Season
