One of the most popular digital wallets in the world is now accepting PayPal (NASDAQ:PYPL) and Venmo credit and debit cards. Apple (NASDAQ:AAPL), which already accepts a litany of different cards in its wallet, now gives PayPal users the option to add their card to the Apple Wallet. The digital wallet is available on iPads and Apple Watches too.
PayPal, which operates Venmo, noted in a release that over 40% of US consumers use mobile wallets. This percentage is expected to grow as the Apple Wallet is exceptionally convenient and very secure, requiring authentication before a payment or transfer is made.
PayPal added that when making payments with Apple Pay, customers will be able to earn:
- 2% on purchases with the PayPal Cashback Credit Card1
- Earn PayPal Rewards points when you shop with the PayPal Debit Card2 and redeem them for cash back or other rewards3. Check out the PayPal app to activate current offers, track your points, and redeem them for cash back.
- Unlimited 1% cash back on eligible purchases and earn bonus rebates at 50,000+ locations with Mastercard Easy SavingsTM with the PayPal Business Debit Card4
- 3% cash back on your eligible top spend category, 2% on the next, and 1% on all other eligible purchases with the Venmo Credit Card
- Earn Cashback with the Venmo Debit Card at participating businesses
Apple may be viewed as the largest Fintech in the world. Recently, by leveraging the Open Banking ecosystem in the UK, Apple started allowing Apple Wallet users to connect outside accounts. Apple already offers a popular card, in partnership with Goldman Sachs, a BNPL offering and peer to peer transfers. It was recently reported that Apple considered offering an investment/trading service but opted for a savings account instead as markets tumbled. Today, more than $10 billion is held in Apple Savings. And don’t think they have given up on an investment platform. It is coming.