Apple is buying PayPal for $3.3 billion and has made a deal to buy rival in Australia, with the latter’s market value rising by $1.2 billion.

Apple CEO Tim Cook is the first to publicly announce the deal, which will allow the company to better compete with PayPal’s growing and highly competitive business.

“The PayPal acquisition has enabled us to deliver a stronger PayPal experience for customers,” Cook said.

“This new transaction will bring us more than $1 billion in synergies for our PayPal community and create more opportunities for our employees.”

The acquisition was announced as Apple unveiled the new iPhone 8, the second iPhone model since the iPhone 6s, on Friday, in the company’s annual financial results presentation.

The deal also means Apple has now been able to sell more than 5 million iPhone phones to customers in Australia since January, compared with just over 1 million in the first quarter of 2017.

But PayPal, which has over 4 million customers worldwide, has been criticised for a lack of competition, including the PayPal Pay app, which only works with Apple Pay.

In November, the company announced it was suspending all new accounts and transactions.

“PayPal has struggled to compete against PayPal in a rapidly changing payments landscape and we remain committed to continuing to invest to build the future of payments,” PayPal CEO Brad Garlinghouse said in a statement at the time.

“We’ve seen this dynamic unfold before, and we expect this to happen again in the near future.”

I’m pleased to see PayPal making great progress to address the challenge of building a truly great payments solution for our customers.

“PayPal said it planned to continue to expand its presence in Australia.”

As part of the acquisition, we will be expanding PayPal to over 5 million customers and have committed to providing a service experience to our customers, which includes more than 50 million transactions in the last six months,” the company said in its statement.

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