PayPal today announced that "more than two million" retailers in the United States will now accept online payments from the PayPal-owned, peer-to-peer payments platform Venmo. Users with Venmo accounts will be able to pay on retailer apps like Forever 21, Foot Locker, and Lululemon starting this week (via Reuters).
With the addition of Venmo into the checkout process of these apps, Venmo customers can use their app balance, linked cards, or bank account to shop on the mobile sites of "almost all merchants that accept payments with PayPal." The peer-to-peer payments app will appear as a checkout option similar to PayPal and other mobile wallets.
Another update coming down the line -- first announced over the summer -- will let users transfer their app's balance to their bank account instantly, for a transfer fee of $0.25. Currently, Venmo transfers to bank accounts are free, but take up to a day to complete.
PayPal is said to be looking to bolster Venmo's stance in the peer-to-peer payments market following the launch of Zelle earlier in 2017, and the impending debut of Apple Pay Cash. However, PayPal CEO Dan Schulman has said he doesn't think Apple Pay Cash will hurt Venmo, mainly citing Venmo's availability across platforms as its leg up on Apple's iOS-only P2P payments.
With the addition of Venmo into the checkout process of these apps, Venmo customers can use their app balance, linked cards, or bank account to shop on the mobile sites of "almost all merchants that accept payments with PayPal." The peer-to-peer payments app will appear as a checkout option similar to PayPal and other mobile wallets.
“At Venmo from the very early days our vision was to always let you use it for whatever you want to buy,” Ben Mills, head of product, at Venmo, said in an interview.Venmo will charge merchants fees for processing payments through its platform, with Venmo head of product Ben Mills stating that the service's ease of use "could help increase" the company's sales.
Another update coming down the line -- first announced over the summer -- will let users transfer their app's balance to their bank account instantly, for a transfer fee of $0.25. Currently, Venmo transfers to bank accounts are free, but take up to a day to complete.
PayPal is said to be looking to bolster Venmo's stance in the peer-to-peer payments market following the launch of Zelle earlier in 2017, and the impending debut of Apple Pay Cash. However, PayPal CEO Dan Schulman has said he doesn't think Apple Pay Cash will hurt Venmo, mainly citing Venmo's availability across platforms as its leg up on Apple's iOS-only P2P payments.
8 comments
Samsung last week unveiled the Galaxy Z Flip, which began shipping out over the weekend. We managed to get our hands on one of the new foldable smartphones, and thought we'd check it out to see...
Apple today released the second iOS and iPadOS 13.4 betas for developers, introducing additional changes and tweaks to the operating system that are worth noting.
In the first beta, Apple added...
As discovered in the first beta of iOS 13.4, Apple is working on a new "CarKey" feature that will allow an iPhone or an Apple Watch to unlock, lock, and start NFC-compatible vehicles.
...
With the first beta of iOS 13.4, Apple introduced a redesigned Mail toolbar that moves the reply icon away from the delete icon, a design that people had complained about since the release of iOS 13...
A video featuring an alleged "iPhone 9" aka "iPhone SE 2" or low-cost iPhone surfaced on TikTok today, sparking discussion that this is the design of the affordable $399 device...
Apple today seeded the second betas of upcoming iOS and iPadOS 13.4 updates to developers, two weeks after the release of the first betas and two weeks after the release of iOS and iPadOS 13.3.1.
...
Qualcomm this week introduced the Snapdragon X60, its third-generation 5G modem for mobile devices. The company says the first 5G smartphones featuring the X60 are expected to launch early next...
Following beta testing, Microsoft today released its new Office app for iPhone, bringing together Word, Excel, and PowerPoint in a single app.
The main benefit of the unified Office app is...
