Millions of American retailers can now accept transactions through the system using the mobile web.
This week, PayPal announced that over 2 million American retailers will soon be accepting Venmo mobile payments as a checkout option.
This system is launching across the United States and reflects PayPal’s growing partnership with Venmo.
The Venmo mobile payments checkout option will soon become available at any U.S. location that PayPal is accepted. Businesses with Venmo will be able to accept the transactions by way of the Braintree platform. This allows Venmo customers to be able to pay for products and services either through their linked cards and bank accounts or with their app balance. It uses the mobile web to provide members with access to this transaction method.
According to PayPal, merchants can add Venmo to their site without having to do any additional integration from their side. Instead, PayPal explained that it uses its own existing platform to add Venmo as a new mobile payment method broadening the company’s One Touch approach.
That said, PayPal does feel that it is important for consumers to know the difference between it and Venmo mobile payments.
It has separated the two by creating payment buttons that are quite different from each other. Venmo has become a much-loved product within PayPal’s portfolio and has risen to the top of the person to person mobile payments ecosystem. In this year’s second quarter, it processed $8 billion. This was a rise of 103 percent over the same quarter in 2016. By adding it to PayPal’s own options, it’s clear that the company feels that it will be a considerable growth driver into the future.
“Offering a way to pay at millions of retailers is a major step in the evolution of Venmo,” said Bill Ready, COO at PayPal. “Through 2017 and beyond, we will continue to evolve the payments experience that has helped make Venmo a cultural staple, while also applying that same magic to split, share and pay in new ways.” He also pointed out that beyond the Venmo mobile payments, the company will be continuing its innovations on behalf of their merchant customers to ensure the best possible engagement with their own customers.
