PayPal Holdings, Inc (PYPL  ) has introduced Tap to Pay on Apple Inc (AAPL  ) iPhone for Venmo business profile and PayPal Zettle users in the U.S., allowing users to accept contactless payments directly on their iPhones without extra cost or hardware.

This initiative is part of PayPal's commitment to helping small businesses expand their sales, grow their operations, and improve their financial management.

With consumers' increasing preference for cashless transactions, Tap to Pay on iPhone offers small businesses a quick, easy, and affordable solution to adapt to this change.

Nitin Prabhu, VP at PayPal, emphasizes this service's flexibility and convenience to small businesses, enabling them to accept various payment methods anywhere.

This new feature streamlines transaction processes, including tax addition, tipping, receipt sending, and refund issuing, and expedites fund settlement into Venmo or PayPal Zettle accounts.

Additionally, it broadens the customer base for Venmo business profile users by accepting payments from non-Venmo users and managing transactions within the Venmo app.

In February, PayPal reported fourth-quarter revenue of $8.03 billion, above the consensus of $7.87 billion. EPS of $1.48, beat estimates of $1.36. Total payment volumes increased 15% year-over-year to $409.8 billion in the quarter.

Investors can gain exposure to the stock via Amplify ETF Trust Amplify Mobile Payments ETF (IPAY  ) and Global X FinTech ETF (FINX  ).

Price Action: PYPL shares traded higher by 1.55% at $59.02 on the last check Thursday.