PayPal Holding, Inc. (NASDAQ: PYPL) rose more than 4 percent on Wednesday after the company announced partnership with Apple to add PayPal as a payment option on the iTunes App Store.
Customers now are able to make purchases in the App Store, Apple Music, iTunes and iBooks across iPhone, iPad and iPod Touch devices using their PayPal account. These purchases include apps, music, movies, TV shows, and books, as well as Apple Music subscriptions and iCloud storage.
To pay via PayPal, customers just need to select “PayPal” as their payment method from their account settings in the App Store. The new option will also allow PayPal’s One Touch in the Apple ID accounts.
PayPal's service is now available in the United States, Canada, Mexico, the company said Wednesday. It is still not clear that how much PayPal will earn from each purchase using PayPal
PayPal shares jump as much as 4.49 percent to $57.22 in the early trading in New York, hitting a new all-time high. The stock has gained 45 percent this year.
This is also a surprising move for Apple as the tech giant has been avoiding to work with third-party payment partner. The partnership will provide more payment options for customers.