Venmo, PayPal owned app is one of the most popular mobile apps for person-to-person money transaction or payment in the United States is now integrated as payment option by the company. Today, the company announced that the Venmo users will be able to purchase and pay to 2 million retailers that are listed with PayPal.
Venmo successfully processed almost $8 billion of payment in the second quarter of 2017. Now, the users will be able to make payment for their purchases using Venmo app balance, linked cards or linked bank account to all the retailers that accept PayPal payments. The merchants that are available to the Venmo users include Lululemon, Forever21 and Foot Locker.
The merchants will be charged by the Venmo for processing the payments as companies’ integrated feature will help them to increase their sales. In addition to this in the coming time, the Venmo users will also be able to transfer their money from the Venmo account to their bank account with the processing charge of $.025.
The purchases with Venmo for the users will also contain the purchase protection feature of PayPal, which guarantees the refund in case, they didn't receive the placed order or got delivered something different than what was promised.
“Our vision for Venmo is to not only be the go-to app for payments between friends but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay, regardless of device,” said, Bill Ready, Chief Operating Officer of PayPal.
PayPal notifies the Venmo users regarding the update via a notification in the app to activate the payment option. Once they activated Venmo as the payment option they will also receive the notification of their purchases on the Venmo app.