PayPal is preparing to capitalise on Apple’s recent decision to open up its NFC capabilities to third-party developers in the European Union. This move could allow PayPal to develop its own mobile wallet for EU users, potentially positioning itself as a direct competitor to Apple Wallet, according to paymentscardsandmobile.com.
Apple’s decision to allow third-party access to its NFC and Secure Element APIs, which facilitate contactless payments, aligns with the EU’s new Digital Markets Act (DMA).
This regulation mandates that Apple enable third-party wallets to function as defaults on iPhones, breaking Apple Wallet’s monopoly on iOS-based NFC payments.
During PayPal’s Q2 earnings call, CEO Alex Chriss hinted that the company is preparing to enter the NFC-enabled mobile wallet space, particularly in Europe. Chriss noted that upcoming changes in NFC regulations would create new opportunities for PayPal, allowing the company to extend its offerings beyond e-commerce into offline retail.
PayPal’s potential move into the NFC-based wallet market could be a significant development, especially considering that 90% of Europeans had used PayPal services by 2022.
Although PayPal has not provided specific details about its plans, such as a launch date or operational specifics, Chriss is expected to address these topics at the upcoming Goldman Sachs Conference on September 9.
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:
