PayPal is letting customers add their PayPal or Venmo credit and debit cards to Apple Wallet, reflecting growing demand for convenient and contactless payment methods.
Now, customers can earn cashback and rewards on eligible purchases if they pay via Apple Wallet.
Giving consumers the option to add their PayPal or Venmo cards to Apple Wallet is a smart move by PayPal, particularly as the company works to expand its reach and target more consumers, including Apple users.
Mobile Wallet Adoption
More consumers are switching out their physical wallets for digital ones. By allowing users to tap their mobile phone instead of taking out a credit or debit card, PayPal is essentially giving consumers the convenience they want.
Over the years, the shift to mobile wallets has increased significantly. According to Elisa Tavilla, Director of Debit at Javelin Strategy & Research, many consumers used an NFC mobile wallet within the past year.
Overall, there’s been a surge in debit mobile payments, both in the U.S. and within other markets. In fact, nearly 80% of U.S. issuers have seen a significant uptick in customers using their debit cards to fund mobile wallets, including Apple Pay. In Canada, Interac recently reported a substantial increase in the number of debit mobile contactless transactions.
The UK is witnessing a similar trend. Recently, Apple announced that it’s piloting a new open banking feature for Apple Pay in the UK, enabling Apple Pay users to view their account balance and financial activity in real-time. This not only provides consumers with greater transparency and control over their money, but can also be what drives further adoption of mobile wallets in the region.
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