The latest reports confirm that Apple and PayPal have struck a deal to begin accepting each other’s payment products within their different ecosystem. These two tech firms have agreed to let US merchants accept contactless payments on their iPhones – using Apple’s new Tap to Pay technology – via the PayPal and Venmo iOS apps.
In the meantime, Apple Pay will get added as an option in PayPal’s unbranded checkout flows on merchant platforms. Notably, starting next year, US clients will have a chance to add PayPal and Venmo network-branded credit and debit cards to Apple Wallet.
The truce between these two mobile wallet faints was highlighted as PayPal reported third-quarter net revenues of $6.85 billion and GAAP earnings per share of $1.15, up from $0.92 in Q3 2021.
Nevertheless, despite beating the analysts’ expectations, shares in the firm dropped as it estimated Q4 revenue to drop below expectations.