The option is available now in Canada, Mexico and the United Kingdom and will roll out soon to more countries, including the United States ...
Since Apple Pay doesn't exactly and entirely compete against PayPal, the Cupertino-based tech giant is better off partnering with the e-money industry pioneer wherever such an alliance can prove mutually beneficial.
Once PayPal has been selected, all future purchases with the customer's Apple ID will be automatically charged to their PayPal account. PayPal didn't say how much of the revenue generated from each purchase will be given to Apple.
In real terms, this means that rather than simply setting your credit or debit card as your default payment mechanism for apps you buy through your iPhone and other devices, you will now also have the option of selecting PayPal. Considering Apple's massive installed user base, the online payments company could see a solid uptick in processing volumes as a result.
Apple Inc. shares rose $0.62 (+0.43%) in premarket trading Wednesday.