Company officials stated that consumers are growing increasingly comfortable using mobile payments to purchase goods and services as well as exchange money with friends and family. With the addition of PayPal and Venmo, they claim to help businesses meet customers where they are by enabling payments with credit, debit, ACH, Apple Pay, Google Pay, PayPal, Venmo or cash.
With more than 400 million active accounts, PayPal is poised to become one of the most widely used payment methods for non-commerce transactions, as put forth in the press release. 43% of US consumers surveyed say the convenience of using PayPal to pay bills is important or very important, according to PayNearMe’s recent bill payment study. Also, the same study showed more than 1 in 4 consumers (27%) point to Venmo as a preferred way to pay their bills.
The payments platform native integrations with PayPal and Venmo work with no third party apps or plugins required. All transactions are saved to a single ledger to help ensure the reconciliation process is easy for businesses accepting these forms of payment. Consumers can even make a payment with their existing PayPal or Venmo balance, making the process seamless for those who often use these apps and hold a balance.
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