CUPERTINO, Calif.—Seeking to drive greater adoption of Apple Pay, Apple has entered into a partnership with Square that will allow people to add money stored on Square's virtual card, Square Cash, to their Apple Wallet.
The move allows users to spend money from Square Cash anywhere that accepts Apple Pay.
"People just want a more modern interface to their finances," Square CEO Jack Dorsey told CNBC.
"The benefit to Apple Pay is our experience is much better and it's much faster," Apple Vice President Jennifer Bailey told the news outlet.
The goal is to drive adoption of both services and give consumers better, more secure options than they currently had with credit and debit cards, the executives told CNBC.
In the report Dorsey noted that many consumers “hate” the chip card. Experts have stated that mobile wallets will gain more traction because tap and go is faster than dipping a chip.
Apple Pay is now accepted by 35% of U.S. merchants, the company noted. It also stated that in September that Apple Pay transactions had grown 500% over last year.