PayPal is making the purchasing process easier with the integration of Apple’s Tap to Pay technology on the PayPal and Venmo IOS apps. This will allow merchants to accept contactless credit, debit, and mobile payments without having to rely on an external card reader and will also encourage consumers to take advantage of the new method of payment. Apple initially introduced Tap to Pay in February 2022, and this integration is notable as it will persuade consumers to choose PayPal over the payment company’s competitors.
Paypal also recently announced that Venmo would be added as a payment option on Amazon in the near future. Interested parties can expect Tap to Pay functionality to be added to PayPal and Venmo "soon," as promised by the company.
Contactless Merchant Payments
Paypal and Venmo Now Support Apple’s Tap to Pay Contactless Payments
Trend Themes
1. Mobile Contactless Payments - The integration of Tap to Pay technology on Paypal and Venmo IOS apps creates an opportunity for more mobile contactless payment options.
2. Digital Wallets - Paypal’s partnership with Apple’s Tap to Pay and Venmo on Amazon provides a disruptive innovation to digital wallet payment options.
3. Merchant Payment Systems - Paypal’s integration of Tap to Pay provides an opportunity for merchants to accept contactless credit, debit, and mobile payments without an external card reader.
Industry Implications
1. Payment Processing - Paypal’s Tap to Pay integration offers a disruptive innovation to Payment Processing for contactless payments.
2. Mobile Commerce - The integration of Tap to Pay technology on Paypal and Venmo IOS apps offers a disruptive innovation to mobile commerce payment options.
3. Retail - The integration of Tap to Pay on Paypal and Venmo IOS apps provides a disruptive innovation to retail payment options.