eBay brings Venmo as a payment option for its US buyers

Friday 14 June 2024 13:32 CET | News

Global commerce company eBay has announced that it introduced Venmo as a payment option, enabling US-based buyers to receive additional choices at checkout. 

In a bid to deliver more popular and modern payment methods, eBay brought Venmo to its customers to meet their evolving needs in the current digital environment. Through this, buyers across the US are set to benefit from more choice and flexibility during the checkout process, as they can pay for purchases leveraging their Venmo balance, or their bank account, debit card, or credit card linked to their account.

eBay has announced that it introduced Venmo as a payment option, enabling US-based buyers to receive additional choices at checkout.

As mentioned in the official press release, the ability to pay with Venmo is set to be available to US buyers on the company’s website and app in the upcoming period.

Why did eBay integrate Venmo?

The decision to include Venmo, a platform which is currently utilised by nearly 90 million users, can be attributed to eBay’s aspiration to tap into the modern and mobile-first consumer base. In addition, considering that more than 60% of eBay volumes come from mobile devices, Venmo’s mobile platform works towards meeting the needs of digitally savvy shoppers wanting an efficient and convenient checkout process.

Moreover, when it comes to sellers, eBay’s move to introduce Venmo supports them in minimising cart abandonment rates and increasing sales. Also, sellers do not need to take action to include Venmo as a payment method for their buyers. Through its payment strategy, eBay focuses on providing relevant and safe commerce experiences for buyers and sellers that conduct transactions on its website or app every day across 190 markets. The company aims to support this by offering more choice, flexibility, and control to users over how they pay and get paid on the marketplace.

In addition, by delivering the ability to pay with Venmo at checkout, eBay advances its objective of reaching a younger demographic, including Gen Z and Millennials. Besides Venmo, buyers on eBay have the option to pay with several payment methods based on their needs and preferences, including credit and debit cards, digital wallets, and Buy Now, Pay Later offerings in select markets.

Previous news from eBay

Back in July 2023, eBay announced the expansion of its vault offering for collectors with the addition of a trading card submission service. Through this, collectors, investors, and professional sellers were set to be able to submit eligible graded cards valued at more than USD 250 directly to eBay’s facility and digital marketplace, regardless of where they were acquired. By introducing this service, eBay aimed to expand eligibility for the eBay vault beyond cards purchased directly on the marketplace, while also covering graded autograph, relic, and patch cards.

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Keywords: mobile payments, payment methods, online payments, digital payments, checkout optimisation
Categories: Payments & Commerce
Companies: eBay, Venmo
Countries: United States
This article is part of category

Payments & Commerce




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