Apple (NASDAQ:$AAPL) just announced that it will be adding long-awaited Paypal (NASDAQ:$PYPL) as a payment feature to a number of its stores. This means that purchases made through Apple’s App Store, Apple Music, iBookstore, and iTunes can now be made through PayPal. To do so, users just need to link their PayPal accounts to their Apple ID.
For now, however, PayPal access for Apple stores are only available in Mexico and Canada. The electronic payment company did not give specifics as to when PayPal access will be available in other countries, only saying in a statement that it will be given soon.
Following the news of a partnership between PayPal and Apple, PayPal’s stock hit an all-time high at $56.99 on July 12 before sliding back around 10 A.M. ET to $56.33. The stock closed at $54.94 on Tuesday, July 11. Since its establishment, PayPal has become one of the most used digital payment platforms, allowing users to make a number of payments online as the e-commerce began to rise. When making a purchase online, users can pay with PayPal or input their credit card numbers directly — PayPal argues that its platform offer users extra security as the user’s credit card numbers will not be shared with the merchant.
Apple’s decision to let PayPal in signals a move away from its strict control over payment options for its stores. Since 2008, when the App Store was first released, Apple has not allowed third-party payment services as a way for its consumers to purchase digital products until now — almost 9 years later. It should be noted, however, that Apple isn’t removing its existing payment options. Users can still make purchases with a credit card, a gift card, or Apple Pay instead of with PayPal.
Neither Apple nor PayPal has yet to announce the details of this recent partnership.
Featured Image: Twitter
