Merchants that use PayPal or Venmo will be able to accept Apple Pay in the near future.

The news was included in the earnings report.

Leveraging Apple's Tap to Pay on iPhone technology, U.S. merchant customers will soon be able to accept contactless debit or credit cards and mobile wallets, including Apple Pay, using an iPhone and the PayPal or Venmo iOS app.

Tap to Pay is a new service that allows compatible phones to accept payments with no additional hardware required.

Apple and Square have both launched support for the feature. Small merchants and independent retailers who use Square for payment purposes can accept payments using the Square Point of Sale app.

It is easy to use tap to pay on the newer version of the phone. The seller just needs to open the app, register the sale, and present their phone to the buyer in order to use a payment method that is compatible with the phone. Tap to Pay is being used by other companies.

Adding Apple Pay as a payment option in checkout flows on merchant platforms will be added by next year.