Tech Desk
Aug 21, 2024
PayPal has indicated that it is set to take advantage of the iPhone’s newly opened-up Near-field Communication (NFC) by launching its mobile wallet for EU users.
Recently, Apple announced to expand the reach of NFC and Secure Element APIs to third-party apps on iPhone, enabling developers for contactless payments and transactions from their apps other than Apple Wallet.
Although the leading online money transaction service provider has not confirmed anything, yet it has hinted multiple times that the company is working on such a plan.
Read more: Apple to expand iPhone’s NFC access to third-party apps
Responding to a query — about the company’s strategy in the EU — during the second-quarter earnings call with investors in July, PayPal CEO Alex Chriss said that these changes coming in Europe around NFC would open opportunities for PayPal.
However, this is not the first time PayPal has teased a mobile wallet. Previously, the CEO stated that the NFC changes would benefit PayPal and help it provide a wallet in an Android or iPhone operating system. It is also planned to be available to users online and offline.
Now in the EU, users can set a third-party wallet as their default, instead of Apple Wallet, as part of Apple’s agreement with the Digital Markets Act (DMA).
This way, PayPal will be able to offer a fully functional mobile wallet to users, proving a big win for the company which has been making efforts to establish itself in the offline retail market.
However, it appears that PayPal has not yet confirmed when it will launch its mobile wallet and how it will work.
