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PayPal has hopes for Venmo, announces a new expansion for the app

By dkpope
Oct 29, 2015
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  1. [parsehtml]<p><img src="http://www.techspot.com/images2/news/bigimage/2015/10/2015-10-29-image-8.jpg" /></p> <p>PayPal is calling Venmo up to the big leagues, leaving the app&#39;s old function of peer-to-peer payments behind. Venture Beat reports that PayPal announced an in-the-works <a href="http://venturebeat.com/2015/10/28/paypal-reveals-how-it-will-finally-cash-in-on-venmo/">service called Pay with Venmo</a>. As the name suggests, the service will let you use Venmo to pay at any PayPal merchant.</p> <p>If you&rsquo;ve used PayPal One Touch, you&rsquo;ve used the Venmo technology. When PayPal acquired Braintree in 2013 they also got Venmo, which used to be accepted as a form of payment in some mobile apps. PayPal took the Venmo tech and merged it with PayPal One Touch. Now the Pay with Venmo service promises to be more than a simple tap-to-pay function.</p> <p>Since Venmo is a mostly free service (it only charges a fee if you pay with a credit card) it wasn&rsquo;t making PayPal much money at first. But millennials like Venmo, and we know companies will do pretty much anything to keep that group happy.</p> <p>Another reason Venmo is getting the love is that their payments are up. According to a Q3 report, Venmo processed $2.1 billion of its total payment volume, up from $1.6 billion last quarter. This time last year, it had less than a billion in transactions. PayPal says that going by dollar volume, Venmo is one of the fastest growing apps around.</p> <p>Expect to just use Pay with Venmo online or in mobile apps, but if PayPal&#39;s store partnerships go well that might change.</p> <p class="grey">Image credit: <a href="http://www.shutterstock.com/editorial?cr=00&amp;pl=edit-00">Shutterstock</a></p><p><a rel='alternate' href='http://www.techspot.com/news/62609-paypal-has-hopes-venmo-announces-new-expansion-app.html' target='_blank'>Permalink to story.</a></p><p class='permalink'><a rel='alternate' href='http://www.techspot.com/news/62609-paypal-has-hopes-venmo-announces-new-expansion-app.html'>http://www.techspot.com/news/62609-paypal-has-hopes-venmo-announces-new-expansion-app.html</a></p>[/parsehtml]
     

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