iPhone users will soon be able to pay with a single tap using PayPal and Venmo

Your iPhone could be a step closer to replacing your wallet after Apple revealed its Tap to Pay contactless mobile payment technology is partnering with some of the biggest payments firms around.

The service will soon be offered as an option on the iOS apps for PayPal and Venmo, meaning merchants who already use these services will have more ways to accept payment without the need for cash.

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