PayPal, Venmo come to Wallet as the Apple Pay service grows
You’ll be able to use PayPal from your Apple Watch
Another day, another services upgrade and this one seems potentially very interesting as PayPal confirms Apple users can now add PayPal and Venmo debit cards to Apple Wallet – and still earn the same cashback/rewards on eligible purchases as they did before.
PayPal now, PayPal Business later
What this means is simply that you will be able to use your Apple devices and Wallet to make payments from the PayPal services. These payments will also be supported when you use Safari on an Apple device.
In a press release announcing its news, PayPal pointed out:
“The use of mobile wallets continues to increase in popularity as consumers gravitate toward safe, quick, and contactless card payment options. A survey conducted by Morning Consult last year found that 42% of Americans have used mobile wallets. The option to add a PayPal or Venmo card to Apple Wallet offers an easy and secure way to make quick payments on-the-go or online.”
In the coming months, customers can also expect to be able to add a PayPal Business Debit Card, or their Venmo credit or debit cards to Apple Wallet.
Why is this significant?
PayPal took time to get to Wallet support and this likely reflects some mutual frustration as both companies are involved in digital payments. However, the introduction of the service shows the extent to which Apple has really opened up the possibility of mobile payments. PayPal would not have signed up if the demand for it to do so didn’t exist.
The news is also interesting as it means in conjunction with Tap to Pay, you’ll now be able to support PayPal Business, which I think will be of interest to many small businesses, perhaps especially outside of the US.
The news is also interesting within the context of the recent quiet flood of Apple payments related news.
In recent weeks we’ve seen Apple quietly begin support for Open banking in the UK, introduce Tap to Pay in additional markets, and learned that Apple Pay in Korea supported 26 million transactions in its first month in that market.
How to add the card
To add your Venmo/PayPal card just open the Wallet app, tap the + button and then choose the Debit of Credit Card item. You then scan the physical card or enter details manually. PayPal also says it will update its own apps in the next few months to support Wallet integration from within them.
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