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PayPal expands “pay with Venmo” to 2 million online retailers

Venmo, the PayPal-owned mobile app best known for peer-to-peer money transfer, is morphing into a full-fledged digital wallet. As of yesterday, any mobile website that accepts PayPal will also accept Venmo as a form of payment. That makes Venmo a viable checkout option at over 2 million U.S. retailers, including Foot Locker and Forever 21. … Continue reading “PayPal expands “pay with Venmo” to 2 million online retailers”

PayPal expands “pay with Venmo” to 2 million online retailers
[Photo: Paying With Venmo]

Venmo, the PayPal-owned mobile app best known for peer-to-peer money transfer, is morphing into a full-fledged digital wallet. As of yesterday, any mobile website that accepts PayPal will also accept Venmo as a form of payment. That makes Venmo a viable checkout option at over 2 million U.S. retailers, including Foot Locker and Forever 21.

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Venmo, which processed $8 billion in transactions last quarter, remains small relative to its parent company. But it benefits from a young and loyal audience that is attractive to retailers.

Convincing those users to “pay with Venmo” will be critical to the app’s ability to monetize. PayPal will charge retailers a fee for Venmo transactions, and has also expressed interest in using Venmo’s social feed as a vehicle for retailer promotions.

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About the author

Senior Writer Ainsley Harris joined Fast Company in 2014. Follow her on Twitter at @ainsleyoc.

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