PayPal Holdings, IncPYPL has introduced Tap to Pay onApple IncAAPL iPhone for Venmo business profile and PayPal Zettle users in the U.S., allowing users to accept contactless payments directly on their iPhones withoutextra cost or hardware.

This initiative is part of PayPals commitment to helping small businesses expand their sales, grow their operations, and improve their financial management.

With consumers increasing preference for cashless transactions, Tap to Pay on iPhone offers small businesses a quick, easy, and affordable solution to adapt to this change.

Also Read:PayPal Cuts 9% of Staff in Efficiency Drive

Nitin Prabhu, VP at PayPal, emphasizes this services flexibility and convenience to small businesses, enabling them to accept various payment methods anywhere.

This new feature streamlines transaction processes, including tax addition, tipping, receipt sending, and refund issuing, and expedites fund settlement into Venmo or PayPal Zettle accounts.

Additionally, it broadens the customer base for Venmo business profile users by accepting payments from non-Venmo users and managing transactions within the Venmo app.

In February, PayPal reportedfourth-quarter revenueof $8.03 billion, above the consensus of $7.87 billion. EPS of $1.48, beat estimates of $1.36. Total payment volumes increased 15% year-over-year to $409.8 billion in the quarter.

Investors can gain exposure to the stock viaAmplify ETF Trust Amplify Mobile Payments ETFIPAY andGlobal X FinTech ETFFINX .

Price Action:PYPL shares traded higher by 1.55% at $59.02 on the last check Thursday.

Also Read:PayPal Stock Dives After Q4 Earnings: Management Set A Low Bar For 2024, Says Analyst

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