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.
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