Your iPhone may be close to replacing your wallet after Apple revealed its Tap to Pay feature Pay the phone bill The technology is in partnership with some of the biggest payments companies around.
The service will soon be offered as an option on the iOS apps for PayPal and Venmo, which means merchants who already use these services will have more ways to accept payment without the need for cash.
It was launched in February 2022, Click to pay It’s Apple’s big bet on contactless payments, allowing iPhone users to pay or send money with Apple Pay and contactless debit or credit cards just with their phone, without the need for other devices.
It was PayPal, not Apple, that broke the news in its latest earnings report.
“By leveraging Apple’s Tap to Pay technology on the iPhone, US merchant customers will soon be able to accept contactless debit or credit cards and mobile wallets, including Apple Pay, using the iPhone and the PayPal or Venmo iOS app,” the company noted.
After its initial announcement, Apple launched Click to pay on iPhone In June 2022. This came after a delay of a Partnership with PayPal’s great competitor Squareto include the service at the end point of sale systems.
With that said, Apple hopes to make payments accepted via Apple Pay and other types of contactless payments that can be accessed by more companies.
The feature is available on phones including and newer than the iPhone XS, where merchants simply need to open the app, register the sale, and accept contactless payment using their device.
PayPal also revealed that it will soon begin offering Apple Pay as a payment option in checkout flows on merchant platforms, as well as allowing users in the US to add PayPal and Venmo-branded credit and debit cards to their Apple Wallet, which means these methods can be used in any A place where Apple Pay is accepted.
The news is Apple’s latest push into the lucrative payments arena as it looks to maximize its potential returns.
Besides its contactless offerings, the company has recently moved into the Buy Now Pay Later (BNPL) space with the launch of Apple Pay laterallowing shoppers to split the cost of a purchase made with their device into four equal payments over a six-week period, without incurring interest or late fees.
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