iPhone users will soon be able to pay with a single tap using PayPal and Venmo

Your iPhone could be one step closer to replacing your wallet after Apple revealed its Tap to Pay technology for contactless mobile payments is partnering with some of the biggest payment companies out there.

The service will soon be offered as an option on the PayPal and Venmo iOS apps, meaning merchants who already use these services will have more ways to accept cashless payments.

Launched in February 2022, Tap to Pay is Apple’s big bet on contactless payments, allowing iPhone users to pay or send money using Apple Pay and contactless debit or credit cards using just their phone, with no other hardware required.

PayPal Support

It was PayPal, rather than Apple, that broke the news in the latest earnings report.

“By leveraging Apple’s Tap to Pay on iPhone technology, US 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.

After the initial announcement, Apple launched Tap to Pay on iPhone in June 2022. This came after a partnership with PayPal’s major rival Square, to build the service into the latter’s POS systems.

With this, Apple hopes to make accepting payments via Apple Pay and other types of contactless payments accessible to more businesses.

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 payments using their device.

PayPal has also revealed that it will soon be offering ‌Apple Pay‌ as a payment option at checkout on trading platforms, as well as allowing users in the US to add PayPal and Venmo network-branded credit and debit cards to their Apple. Wallet, meaning these methods can be used anywhere where ‌Apple Pay‌ is accepted.

The news is Apple’s latest push into the lucrative payments space as it looks set to maximize its potential returns.

In addition to the contactless offering, the company has also recently moved into the buy now pay later (BNPL) space with the launch of Apple Pay Later, which allows buyers to split the cost of a purchase with their device into four equal payments over six weeks. without incurring interest or late fees.

Through MacRumors (opens in new tab)