PayPal has announced that now more than two million US retailers will be able to accept payments through their mobile app Venmo starting from this week, further extending its reach with a brand that is particularly popular with young people.
Venmo has been part of PayPal since acquisition in 2013 and is one of the most popular mobile applications to make person-to-person payments in the United States. It processed a staggering $8 billion in payments in the second quarter of this year alone.
Customers will be able to use their app balance or associated cards and bank account to shop on the mobile sites of almost all merchants that accept payments with PayPal. That includes retailers such as Foot Locker, Lululemon Athletica Inc and Forever 21.
As they say on their blog: “To take Venmo shopping, look for the invitation in the latest version of the Venmo app. After you’ve activated this new feature, browse on your phone, fill up your cart, tap the PayPal button on checkout, and choose Venmo to pay. You’ll receive notification of your purchase in the Venmo app, so you can share and split your purchases with friends.”
The Venmo service is one of the reasons that PayPal has been enjoying success recently and why the PayPal stock is riding high. It’s a successful service that is expanding PayPal’s reach far beyond its base on eBay and engaging a demographic that PayPla itself struggles with. Those high spending and tech savvy millennial just love it.
Several of its features are particularly popular. The ability to administer and sort a split payment between friends is popular. And the various ways you can pay (stored value, using a card, or indeed a bank account) provide a variety of options that’s attractive.
There no doubt that PayPal is enjoying its time in the sun right now and Venmo is part of its success.
