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Almost a year after vowing to make its PayPal- and Venmo-branded credit and debit cards available in Apple Wallet, PayPal Holdings Inc. has come through on that promise.
With the move, announced Wednesday, eligible PayPal and Venmo cards can be added to Apple Wallet by tapping the “Add Debit or Credit” button in the wallet and following the directions. In November, PayPal, as part of a greater push to embrace Apple Inc.’s payment service, also said it would support Apple Tap to Pay on iPhone, which happened in June.
Once added, cardholders can use the cards in Apple Pay on iPhone, iPad, and Macs for in-app transactions and purchases made in the Safari browser.
One important reason for the Apple integration has been to offer more choice to PayPal’s merchants, then chief executive and president Dan Schulman said in November. Enabling PayPal customers to add their PayPal and Venmo credit and debit cards to their Apple Pay wallets will increase PayPal’s branded transactions at checkout, Schulman said at the time. To illustrate his point, he said PayPal has a similar arrangement with Google Pay. In Germany, for example, when Google Pay users add their PayPal credentials, there is a 20% increase in their branded-checkout transactions.
The PayPal Cashback credit card and the Venmo credit card are issued by Synchrony Bank and the PayPal and Venmo debit cards by The Bancorp Bank N.A.
