PayPal on Thursday announced that it is bringing Tap to Pay on iPhone to its business customers through the Venmo and PayPal Zettle platforms in the US. With Tap to Pay on iPhone, vendors can use an iPhone to accept contactless payments, whether with Apple Pay, NFC-enabled cards, or other digital wallets.
Venmo and PayPal Zettle now support Tap to Pay on iPhone
In a note to investors, PayPal highlights that Tap to Pay on iPhone enables sellers to accept card payments at no additional cost or hardware. The company says that the move is part of PayPal’s efforts to “help small businesses sell more, grow their business, and manage their finances more efficiently.”
“As consumers increasingly turn to non-cash options to pay, small businesses are looking for affordable and flexible ways to offer their customers more payment choice without being tied down to a fixed location,” said Nitin Prabhu, VP, Small Business & Financial Services, PayPal. “With Tap to Pay on iPhone, millions of small businesses that use Venmo and PayPal Zettle can now start accepting contactless card and digital wallet payments nearly anywhere.”
The platform notes based on a survey in the US that more than 40% of people said that none of their recent purchases were made with cash.
PayPal says that Venmo customers with a business profile and PayPal Zettle users can now easily set up their account “in minutes” to use Tap to Pay on iPhone. Users can also add taxes, accept tips, send receipts, and issue refunds. More details can be found on PayPal’s website.
How it works
The feature enables merchants to accept contactless payment via a compatible iOS app running on an iPhone Xs or newer, equipped with the latest iOS version. During the checkout process, the merchant will only need to instruct the customer to hold their iPhone, Apple Watch, or compatible NFC card near the merchant’s iPhone to make a payment.
Just like any Apple Pay transaction, Tap to Pay is securely processed using NFC technology, and there’s no requirement for extra hardware to facilitate contactless payments. In countries where the feature is available, developers can use an API available in iOS 15.4 and later to implement Tap to Pay support.
Tap to Pay was first launched in the US in 2022. In 2023, Apple expanded the feature to Taiwan and the UK. It’s also available in the Netherlands and Brazil.
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