March 31, 2016
If you haven’t used Venmo yet, the rent on the rock you live under must be pretty cheap. Because an affordable living space is the only viable excuse for missing out on the birth of a new way to exchange money. Luckily, rent won’t be much of an issue for PayPal because Pay With Venmo is finally making them some money.
With the gradual phasing out of cash as the primary means of payment for everything other than your grandchild’s birthday card, a void had been left that was dying to be filled. With Venmo, people were finally able to quickly and easily split the cost of a meal without having to send a waitress back to the kitchen with ten credit cards and a gift certificate. Now, Pay With Venmo is bringing the same simplicity to online shopping.
Customers can now press the Pay With Venmo button – similar to the PayPal button – on apps and websites alike for fast and simple transactions. Funds will be taken from your Venmo account so your financial concerns can be taken care of from one place. And while this may seem good for you, it is even better for PayPal, who has been looking for a way to monetize Venmo for years.
By charging merchants that wish to have this convenient, money-making button placed on their apps and websites, Venmo will finally contribute to PayPal’s bottom line. In fact, a recent study showed that 95 percent of Venmo users would use the service at least once per month. If you’re bad with percentages, that’s almost all of them. And with possible returns hitting PayPal’s wallet as early as 2017, Pay With Venmo will be the first step in making the Venmo revolution a reality.
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