Apple starts accepting PayPal as payment method

12 July, 2017, 18:21 | Author: Becky Perry
  • The Apple Watch is one of he devices that will support PayPal.                  CNET

(NASDAQ:AAPL) has finally opened its arms to Paypal Holdings Inc (NASDAQ:PYPL). According to PayPal's announcement, it is only available in Canada and Mexico starting today, but there are plans to eventually roll it out to the USA and other parts of the world in the future.

PayPal users will be able to buy products at the iTunes store starting today in Canada and Mexico and soon in the US and other countries, the payment processor said in a blog post.

Until now, Apple has only allowed users to buy digital content with either a bank card or gift card credit. Along with purchases on the iPhone, iPad and iPod touch, the payment method also extends to Apple TV and Apple Watch. After the two have been linked, future purchases will default to the PayPal account. This means you can use PayPal for apps in the App Store, music and TV shows in iTunes, renew your Apple Music subscription and even pay for the iCloud Storage plans. PayPal did not disclose terms of the deal, such as any revenue-sharing with Apple from online purchases.

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Following the completion of the transaction, the director now owns 15,693 shares of the company's stock, valued at $1,253,556.84. King Scott V. sold $636,460 worth of stock. $891,295 worth of stock was sold by Chung Michael HK on Wednesday, February 22.

For Apple, the move is a bit of a changing of the guard, and perhaps an admission that Apple Pay isn't generating the sort of volumes they'd like.

Shares of PayPal have traded as low as $36.28 over the past 52-weeks.


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