Venmo, the peer-to-peer payment platform, has unveiled a new service that allows users to shop online with select retailers. More than two million stores will be available for users to scroll through, including Forever 21 and Foot Locker. The addition of massive retailers helps make Venmo one of the most complete payment applications on the market.
Venmo Expands Platform
One of the biggest reasons why Venmo has expanded into retail is its owner – PayPal. The online payment organization felt it would be a great business move to link retailers with millennial consumers (the majority of Venmo users). The expansion of e-commerce likely makes Venmo the ultimate tool for cyber consumers looking for a fast-paced shopping platform. PayPal expects the application’s profits to go through the roof for the remainder of the year with the addition of the shopping feature.
Accessing shopping options is quite simple for current Venmo users. After selecting some items for purchase, checkout can be obtained by simply tapping the PayPal button. Users can choose to checkout with Venmo though, as that icon is visible throughout the process. Perhaps the best part about this new feature is the possibility of sharing the cost of items. When something is purchased, users can split the cost with selected friends on the payment platform.
History Of Venmo
Venmo was the brainchild of two college dorm-mates, Iqram Magdon-Ismail and Andrew Kortina. Originally launched in 2009, the friends went on to sell the company three years later. PayPal stepped in and purchased Venmo in 2013 for $800 million. The platform took off not long after. In 2016, Venmo handled more than 17 billion dollars of transactions. And the company has already reported a record number of transactions occurring in the first quarter of this year. The subsidiary of PayPal has quickly become the go-to platform for monetary transactions mixed with social interaction.