The number of payments processed by Venmo indicates that millennials prefer it more than any other peer-to-peer (P2P) payment app. PayPal (NASDAQ:PYPL) is now allowing Venmo users to purchase from over two million merchants on its platform through Venmo.
Venmo is owned by PayPal through its acquisition of Braintree. PayPal’s decision to bring together millions of Venmo users with millions of merchants on the PayPal platform makes sense.
This move means instant access to an app almost exclusively used by millennials, tens of thousands of small businesses using PayPal. The payment from this group can now be accepted without any additional integration work.
Bill Ready, PayPal’s Chief Operating Officer, said on the company’s Stories page that offering Venmo as a payment option at checkout has a lot of appeal for merchants. Merchants can reach a new audience of shoppers with Venmo, many of whom skew millennial and use Venmo frequently.”
The Venmo App Now Lets Users Make Payments Online
You can make payments with Venmo without taking your credit card out of your wallet if you use the Venmo app or mobile web. As well as buying now and splitting later, sharing and discovering your friends’ latest purchases, and keeping full track of your transactions with encrypted technology, you can also enjoy these features when you go out to eat.
Venmo’s rapid growth is evident in its predicted $25 billion in transactions in 2017. According to a recent survey by LendEDU, 68 percent of millennials use Venmo the most often among payment apps. The number is much higher than the 22 percent who said they used their bank’s mobile payment app more often.
According to Ready, the trend has prompted large and influential U.S. merchants to begin processing with PayPal or expand existing relationships. It is also imperative that you establish or expand your PayPal merchant platform as a small business owner. You will have another opportunity to accept payments and attract more customers in this way.
PayPal and Braintree now offer Venmo as a mobile payment option for small businesses.