PayPal and Venmo on iPhone to Add “Tap to Pay” and Grow into Wallet

If you use online payment systems like PayPal and Venmo on your iPhone, it’s going to become even easier. The recent collaboration between Apple and PayPal will result in integrating these two systems with Apple’s Tap to Pay. As a result, you’ll be able to pay from your PayPal or Venmo account in one tap with Apple Pay wherever these systems are supported.

The integration was announced on November 3 when PayPal (which operates Venmo as well) published its Q3 2002 earnings release. Along with the report about the latest quarter, PayPal also told about ongoing preparations to launch the integrated PayPal and Venmo payments within Apple Pay. In short, one will be able to use PayPal and Venmo accounts the same was as regular credit or debit cards with it.

First, merchants will be enabled to accept contactless payments from credit and debit cards with an iPhone and Venmo or PayPal app. This effectively turns an iPhone into a terminal for accepting payments. This makes it easier to start a business with less investment.

As for customers, for them the collaboration has prepared the ability to add PayPal and Venmo-branded virtual credit or debit cards to Apple Wallet and use them like regular cards, regardless of whether the merchant accepts PayPal. This technology is compatible with any contactless terminal.

Finally, Apple Pay will be supported by PayPal Commerce Platform and other merchant platforms as an unbranded checkout flow. This will motivate merchants that haven’t integrated PayPal into their stores to catch that train and start accepting payments via PayPal, as for customers it will have become an easier option.

If you have been using your iPhone (maybe with Apple Watch) more frequently than your good old leather wallet, you will appreciate the new possibilities. No need to enter new cards, no need to transfer money from PayPal, no need to have a physical card… Great, isn’t it? Welcome to the comments and tell us what you think about it!