Shopping just keeps getting easier. Venmo users are now able to shop anywhere PayPal is accepted in the United States.
The popular mobile payment app that is owned by PayPal, is available at more than two million retailers, including Lululemon, Forever 21, and Foot Locker. If you’re shopping online and see an option to “pay via PayPal,” select the option and it will allow you to pay with Venmo instead.
Venmo is a peer-to-peer app that acts as a virtual bank account, allowing users to send and request funds to and from other users. The app is linked—and also verified and secured—to either your bank account or credit card (the latter adds a convenience fee), so you no longer need to carry cash at all times. This makes it easier when splitting checks, shopping at cash-only establishments, or keeping tabs on large group purchases. One person pays while the other deposits their portion into the other’s Venmo account instantaneously.
Naturally, it is popular with Millennials, and that demographic is attracting companies looking for new ways to increase sales and brand loyalty. Per PayPal’s official announcement:
“For merchants, the ability to offer Venmo as a payment option at checkout is very appealing. With Venmo, merchants can reach a new audience of shoppers, many whom skew Millennial and engage with Venmo multiple times throughout the day. And the Venmo social feed represents an entirely new way for merchants to increase awareness and open new purchase opportunities. We’re seeing in some instances that the appeal of Venmo has prompted some of the largest and most influential U.S. merchants to expand existing or begin new processing relationships with PayPal.”
PayPal hopes the app becomes a major player in the digital wallet community, battling it out with the likes of Apple Wallet and Square.
“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,” Bill Ready, PayPal’s COO, said in an October 17 statement.
