Tensions are rising between Paypal and Apple Pay as both companies go head to head on providing mobile payments services. Furthermore, Paypal has raised concerns over their operations being threatened by Apple Pay's mobile payment services.
According to a recent post from PYMNTS, "PayPal's shares were off on Thursday by 4.7 percent as investors expressed concerns over a new flank in Apple Pay's strategy that would bring the payments service to mobile websites AND PayPal rebounded off lows which took the stock down as much as 8 percent intraday."
The same report added that Apple Pay has expanded their services and even utilized the Safari browser so that it can be used to render payments for consumers that are making purchases from any online stores that accept Apple Pay through the use of their iPhones and iPads. The payment would also require the use of Apple's TouchID technology that uses the users' fingerprints to confirm their identities.
On a different note, as Apple Pay strengthened their mobile services, Paypal is currently facing a downturn in the use of its mobile application. Since 30 percent of PayPal's total payments volume are taken from payments made on mobile devices, and among those devices are the iPhones, Android devices and a whole lot more.
Having Apple Pay as a competitor, both companies go head to head on providing services that will allure consumers to use their mobile application. Paypal has already acknowledged the formidable threat that Apple Pay has brought to their operations.
However, it is an undeniable fact that Paypal aims on improving and widening its services to its consumers. It has already been affirmed that Paypal will launch operations in Charlotte to pave the way for more efficiency and improve their services, according to a former report from Jobs & Hire.
It goes without saying that Apple Pay has placed its services to counter and challenge Paypal's trade and in turn threaten PayPal's deals and operation. As both companies go head to head, it is not yet clear how how they would implement key strategies to dominate the online industry and reign supreme.
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