Apple pulls PayPal deeper into its world of financial tools

Apple’s growing financial technology tools and services are pulling in PayPal and Venmo services.

The payment company announced that it is working with Apple on several initiatives to “enhance services for PayPal and Venmo merchants and consumers.”

The company said in its earnings call that it is leveraging Apple’s Tap to Pay on iPhone technology. As part of the deal, “customers of our merchants in the United States will be able to immediately accept contactless debit or credit cards and mobile wallets, including Apple Pay, using iPhone and the PayPal or Venmo iOS apps.” will be able to.”

Additionally, PayPal says it will “add Apple Pay as a payment option to PayPal’s unbranded checkout flows on merchant platforms, including the PayPal Commerce Platform.”

And a third initiative: “Next year, customers in the United States 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.

Apple introduced Tap to Pay technology earlier this year, allowing you to use your phone much like contactless credit cards do at retail checkout stands.

PayPal and Venmo offer alternative tools for making payments, making it easier for friends and merchants to transfer funds.

The proliferation of financial technology is creating alternatives to traditional banking and financial services and tools. These technologies go beyond branding credit cards with your company name. Instead, technology is rapidly changing the way we transact, increasing the threat to established financial services firms.

For the quarter, PayPal reported net Earnings $6.85 billion, up 11%. Non-GAAP earnings per share It was $1.11 compared to $1.08 a year ago.