Venmo’s reputation as an innovative way to pay hasn’t missed a beat since it joined the PayPal family in 2013. Since then, Venmo has been growing quickly. This past year, Venmo processed $7.5 billion in payments, up 213 percent, with $2.5 billion of this volume being processed in the fourth quarter alone.
One of the most exciting developments of Venmo’s success is a result of the product’s social nature: Venmo inspires its users to change their relationship with money and each other. Whether it’s splitting the dinner bill, chipping in for gas money and groceries, or even paying a friend halfway across the country $10 for a celebratory birthday drink.
Today, we’re excited to announce a whole new frontier for Venmo. In addition to the peer-to-peer payment solution,
Venmo is rolling out a limited launch of its payments solution for merchants.
Now, in limited release, select users will have the ability to pay for purchases using Venmo within meal delivery service app
Munchery and ticketing app
Gametime. Exclusively through Braintree’s
v.zero SDK, qualifying merchants will be able to accept Venmo as a payment method in their iOS app with Android coming soon.
This is a huge development for both consumers and businesses. For consumers, there’s now even more flexibility in how they can use their money. For merchants, accepting Venmo means added value through potentially increased visibility and exposure, especially if the Venmo user splits the purchase or shares the purchase on their social feed. This is the future of our increasingly digital economy, and we’re excited that the PayPal family is making it a reality.
Many people are now very open about how they use their money, and they’ve found a way to make it entertaining to themselves and their friends. (Pro tip: Next time you’re paying a friend back for your chicken sandwich lunch, be sure to write that in the message and see what happens. You’re welcome. :)) Starting today, merchants who are interested in accepting Venmo can contact
Braintree to inquire about integrating with v.zero.