Analyst: P2P payments via Apple’s iMessage platform good news for Square, bad for PayPal

“Apple, as expected, said Monday that Apple Pay would be extended to its Safari mobile browser, making it easier for consumers to shop online via iPads and iPhones,” Reinhardt Krause reports for Investor’s Business Daily. “In a surprise move, though, Apple also introduced a ‘Pay with Apple Pay’ option for its Mac computer users, in direct competition with payments leader PayPal.”

“Apple also announced peer-to-peer payments would be available though third-party apps on its iMessage platform. At WWDC, Apple showcased a feature that lets Square Cash users send money via the Apple iMessage messaging app,” Krause reports. “‘Square Cash was featured in the iMessage App Store, and a demonstration was provided that involved exchanging $200 via iMessage, Apple’s most highly engaged application,’ Josh Beck, an analyst at Pacific Crest Securities, said in a research report late Monday. ‘We view this as a positive for Square, which could substantially increase the number of Square Cash users and potentially brand awareness.'”

Read more in the full article here.

MacDailyNews Take: Maybe PayPal will get their P2P payments service Venmo into Messages, too?

1 Comment

  1. For now Apple seems to be pretty open about it.

    For example, despite investing in Uber’s competitor Didi, Apple still allowed Uber to create its extension not only for Apple Watch, but also for Apple Maps and for Messages. Apple also featured Lyft.

    This means that PayPal might be also able to to make extension for both Messages and Apple Maps; lets see.

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