PayPal is working on a new consumer app for its mobile customers, and suggested that it will be “ready” to take advantage of the new EU regulation, the Digital Markets Act (DMA), when it goes into effect next month for tech “gatekeepers,” like Apple, according to Techcrunch.
For PayPal, one of the significant changes coming in the DMA is the ability for third-party apps to access the NFC technology that currently powers Apple Pay in their own mobile wallet applications. iPhone users will also be able to switch to another mobile wallet as their default, under the new guidelines.
Apple’s DMA-driven changes will include new APIs that let app developers use NFC technology in their banking and mobile wallet apps throughout the EU. Plus, Apple is adding new controls that would allow consumers to select a third-party contactless payment app as their new default. In other words, PayPal could be swapped in for Apple Pay, if it adopts this functionality.
Also, PayPal CEO Alex Chriss suggested that PayPal customers have been looking for a way to use PayPal outside the world of online payments and that the company was working on delivering this.
“…our customers that love PayPal on the online e-commerce side are demanding being able to have an omnichannel and offline solution, as well. So, we’ll be working closely on this. And when it is available, we will be ready to be able to deliver for our customers, both online and offline,” he said.
Chriss didn’t share when PayPal would implement the “offline” solution the DMA would enable, only saying that the company would be “ready” to do so, at some point after the new functionality became available.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
