The company also plans to put its USD 4 billion Honey acquisition to work by integrating its suite of shopping tools into the Venmo app, including merchant offers, deals, price tracking and wish lists. The company said, in the next few months, Venmo users will gain the ability to buy, hold and sell crypto inside the Venmo mobile app, along with other ’investment alternatives’.
On Venmo, the forthcoming savings feature will look similar to PayPal’s existing PayPal Cash Plus account, where it partners with financial institutions to provide FDIC pass-through insurance. Another change includes the Honey integration. This integration will allow merchants to target specific demographics of PayPal and Venmo customers with personalised offers and discounts, thanks to PayPal’s two-sided marketplace. In other words, the company will attempt to capture the consumer in the earlier stages of the shopping process, when they’re browsing for deals, looking up prices or searching for specific products.
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