PayPal enables Venmo payments at millions of US retailers
PayPal said Tuesday that more than two million US retailers will soon be able to offer Venmo as a payment option at checkout.
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The payments giant has slowly introduced more payment functions with Venmo, starting with the ability to pay select businesses with Venmo through the Braintree platform.
Now, Venmo users will be able to use their app balance or linked cards and bank accounts anywhere PayPal is accepted in the US via the mobile web.
PayPal said the addition of Venmo to a merchant's website does not require additional integration work on the merchant's part. Instead, the company said it's relying on its robust platform architecture to enable Venmo as a payment method, mirroring the company's approach to expanding One Touch.
The company is also working to clarify the difference between the PayPal and Venmo payment options on a merchant's site through dynamically-painted payment buttons.
Venmo is the darling of PayPal's product portfolio and the undisputed leader in the person-to-person payments space. The social payments platform processed $8 billion of the company's total payment volume in Q2, representing growth of 103 percent over the year-ago period. This latest expansion is a sign that Venmo will become an even greater driver of PayPal's growth going forward.
"Offering a way to pay at millions of retailers is a major step in the evolution of Venmo," said PayPal COO Bill Ready, in a statement.
"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 continued. :And we'll continue to innovate on behalf of our merchant customers to provide ways to engage Venmo customers to drive more sales."
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