Shares of PayPal took off on Wednesday and even hit a new all-time high of $56.99 after the company announced a partnership with tech giant Apple.
PayPal will now be available for iPhone and iPad users who want to make a purchase in Apple’s iTunes App Store.
Not only will this deal generate new revenue for PayPal but also attract new customers. The PayPal feature will be available for users in the new following markets: Canada, Mexico, Spain, Italy, Israel, France, the U.K., Australia, Germany, Austria and the Netherlands.
Users who now wish to use PayPal as a form of payment will need to go into their iOS Settings and switch their account’s default payment method to PayPal. You can do it on your iPhone, iPad, or iPod Touch. All purchases for
Apple TV or Apple Watch will also be made through PayPal as well if you change your settings. You can also change your default method by going to your account settings in the App Store, Apple Music, iTunes, and iBooks store.
Disclaimer: We have no position in Paypal Holdings Inc. (NASDAQ: PYPL) nor Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.