PayPal explores offline payments as DMA looms

Posted under: Fintech
Date: 2024-02-09
PayPal explores offline payments as DMA looms

The company seems to be indicating a move in that direction as new European Union regulations go into effect for its partner Apple, per a report Thursday (Feb. 8) by TechCrunch. As that report noted, the coming Digital Markets Act (DMA), while aimed at tech giants like Apple, would impact PayPal by allowing third-party apps to access the near-field communication (NFC) technology that powers Apple Pay. Under the new guidelines, iPhone users will be able to switch over to other mobile wallets as their default. Further, CEO Alex Chriss said, ""Our customers that love PayPal on the online eCommerce side are demanding being able to have an omnichannel and offline solution as well."" ""So, we’ll be working closely on this. And when it is available, we will be ready to be able to deliver for our customers, both online and offline.” Chriss’ comments came during an earnings call in which the CEO addressed what he characterized as a “transition year” for the company.

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