PayPal Poised to Loot iPhone’s New NFC Features to Crush Apple Pay in Europe
In a shocking turn of events, PayPal is rumored to be preparing a mobile wallet to tap into the iPhone’s newly opened NFC (Near-Field Communication) capabilities. The company has been hinting at the move for weeks, and its CEO has made it clear that they will capitalize on the new APIs to develop a wallet that will rival Apple’s Pay.
PayPal Seizes the Opportunity
Apple’s announcement of open NFC and Secure Element APIs earlier this month has paved the way for third-party developers to access new contactless transaction and payment capabilities. And PayPal is ready to pounce, taking advantage of the regulatory change in Europe that allows consumers to set third-party wallets as their default, bypassing Apple Wallet.
PayPal’s Plans Uncertain, But One Thing is Clear: They’re Coming for Apple Pay
PayPal has made it clear that they will develop an NFC-based wallet, and they are quietly gathering momentum. Their CEO, Alex Chriss, has repeatedly emphasized the importance of NFC and its potential for online and offline transactions. With their established user base in Europe, PayPal has the upper hand in the market.
But Can They Take Down Apple Pay?
Apple Pay dominates the mobile payments market, thanks in part to its seamless integration with iPhones. But PayPal’s aggressive push into the space could shake things up, particularly in Europe where the company already has a strong presence. It will be a battle for the top spot, with PayPal’s mobile wallet expected to debut soon.
Will PayPal Succeed?
Only time will tell, but one thing is clear: PayPal is not backing down from the competition. They have the users, the momentum, and the expertise to make a mobile wallet a reality. It will be an interesting battle to watch, and investors will be keeping a close eye on the development.
