Mobile payment services such as PayPal and Venmo are working to support Apple’s “Tap to Pay” contactless payments technology. These P2P payment platforms, person-to-person payments, are advancing over traditional means. In addition, with the growth of electronic devices, the rules of the game in terms of transactions have been changing both locally and internationally. The initiative is aimed at providing merchants with the ability to accept contactless payments with apps through the iOS system of iPhones.
To this end, different virtual wallets have been promoting the payment of purchases without the need for an external card reader. Apple’s Tap to Pay technology has been chosen by firms such as Paypal and Venmo for their applications. For the time being, this initiative is aimed at retailers in the United States. There, they will be able to take payments made directly from the iPhones.
Since February, Apple introduced this system to enable iPhones to support virtual payments. This includes Apple Pay, contactless credit and debit cards, as well as digital wallets without the need for additional hardware. This system is already available in the retail stores of the people from Cupertino. Meanwhile, small merchants and independent retailers should continue to use Square to accept these contactless payments.
PayPal and Venmo working together
The integration being promoted by digital wallets is a remarkable step forward. Particularly, for being the adoption of these platforms towards Apple’s contactless technology. In addition, it is very useful for merchants who want to join the new move of not depending on external readers. To this end, accepting contactless payments will also generate more competencies. Mainly by giving PayPal the ability to compete with Square with Apple’s Tap to Pay support.
Both platforms, -PayPal and Venmo- are looking to add themselves as payment options in different online stores or with the remote payment system. In its latest Q3 2022 earnings report, PayPal, parent company of Venmo, confirmed that this support will be coming to the app and will be an option for its users to use.
Looking to the future
PayPal is working so that Venmo can continue to expand its usefulness and be an interesting option for its users. In view of this, one of the latest movements has been generated in the search for this platform to be added to Amazon, as a new alternative for remote payment.
Black Friday or November 25 is in Venmo’s sights to be operational as a payment option nationwide. Currently, only some customers can make use of this payment alternative for their purchases. Employment, as reported from the platforms, is expected to be very simple after adding, to the payment options, the Venmo account. After choosing where the money will be withdrawn from, Amazon will ask if you want to set this payment method as the default.