The pair have agreed to let US merchants accept contactless payments on their iPhones - using Apple’s new Tap to Pay technology - through the PayPal and Venmo iOS apps.

Meanwhile, Apple Pay will be added as an option in PayPal’s unbranded checkout flows on merchant platforms.

And, from next year, US customers will also be able to add PayPal and Venmo network-branded credit and debit cards to Apple Wallet.

The truce between the two mobile wallet giants was outlined as PayPal reported third quarter net revenues of $6.85 billion and GAAP earnings per share of $1.15, up from $0.92 in Q3 2021.

However, despite beating analysts’ expectations, shares in the company fell as it estimated Q4 revenues will be below expectations.