— PayPal and Venmo could soon support Apple Tap to Pay contactless payments tech.
— Square’s POS app is currently the only host payments processing company supporting the tech.
Payment platforms PayPal and Venmo are working on supporting payments through Apple’s Tap to Pay tech. The reports claim that the companies are focusing on merchants in the US and have not said anything about users outside the country.
PayPal currently supports payments processing in 25 currencies across 200 countries while Venmo is only supported in the US. So, while the latter may be satisfied with working with only vendors in its home country, PayPal may have its sights on bigger markets.
The region limitation for PayPal’s support comes from the fact that Apple’s Tap to Pay is only supported in the US and it uses the Square POS app for iOS to turn iPhones into a payment terminal.
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Contactless payments became popular during the pandemic as people preferred not to touch public items. For merchants with large customers, it became obvious that a contactless means of payment was essential.
Apple announced Tap to Pay in February 2022 and Square was its first client, after the two companies partnered in September.
It is worth noting that PayPal owns Venmo, so their integration with Apple’s contactless payment platform should not be much of an issue. Although, The Verge only reported that the collaboration would be live soon.
Given PayPal’s wider user base, Apple Tap to Pay would e getting to more clients and it could be a springboard to launch the feature in other markets as well.
Of course, physical POS is not going away immediately as some vendors will continue to prefer it. However, the ease that comes with contactless payments cannot be denied.
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