Online Retailers Accept Venmo Payments and Shopping will Never be the SameSMU SMC

PayPal steps up its game today with a new way to pay. Online stores now accept Venmo payments on retail sites where PayPal is accepted. Lululemon, Forever21, Etsy, and almost 2 million online retailers are participating in this exciting change (via CNBC).

Is it necessary for online stores to accept Venmo payments?

Yes and no. Venmo is PayPal’s mobile payment service, which is why this integration was so easy. Two payment methods owned by the same company may be confusing at checkout, but PayPal is working on a solution for that. PayPal plans to introduce a dual-branded button to click after which customers can choose between the two. After the initial introduction to the dual-brand button, using the Venmo feature will be a breeze.

While the addition may not be much different from using PayPal to pay, it appeals to a diverse audience. Older generations use PayPal, while Venmo appeals to millennials. PayPal believes this addition will drive many more millennials to use their service during checkout if the Venmo logo is visible. The iconic “V” logo is a foolproof way to gain attention during checkout. Not only will the fact that online stores accept Venmo payments push more millennials to use a PayPal method at checkout, but it will give retailers valuable buyer information.

The fact that online retailers accept Venmo payments will give the retailers more access to see what shoppers spend money on. Millenials are not shy about sharing what they pay for on Venmo, so retailers can tailor their products better to their target market. Shoppers can also “split the bill” using Venmo in online purchases, another enticing feature.

PayPal’s goal is for Venmo to become a complete virtual wallet, and this just might do the trick. Retailers ability to accept Venmo payments will streamline the purchase process and engage more millennials than ever before.