Venmo today introduced a new in-app payment option called ‘Pay with Venmo’ for both users and businesses alike. The feature allows vendors to directly integrate Venmo’s payment platform into their checkout process. And user’s can now simply select the Venmo option when checking out in supported apps, and no longer need to type in any credit card information.
Venmo is putting a heavy focus on the ease of use of checking out using its fairly well-known platform. Instead of users having to input credit card information for every transaction, a Venmo option will be available during checkout with supported apps. This is akin to the experience introduced by Apple Pay, with the difference being that Pay with Venmo is a cross-platform solution for both iOS and Android.
The company also appears to have high hopes that using the platform to checkout with various vendors will bring new businesses into the spotlight within the Venmo social network. Whenever a purchase is made with Venmo, users have the option to share it as a public transaction, or keep it private of course. When these purchases are made from partner vendors of Pay with Venmo, it brings an opportunity to start a discussion around the transaction amongst friends (and give the vendor free marketing).
Another noted feature is that when customers use the Pay with Venmo option, they can pay for something now, and then split the transaction amongst friends later. This is great for when multiple parties are looking to grab a cab, hotel room, or pay for dinner and split the ticket. Venmo’s solution means no longer having to hassle with the payment at the time of purchase as it can be split later on.
Venmo introducing this feature is definitely interesting in light of the fact that Apple Pay has been around for quite a while now and supported on more and more iPhones and iPads. Adding another pay avenue for the consumer allows for more options, but Apple will surely encourage their own Touch ID-based solution within apps.
Here’s what Venmo said about availability:
“We’ve emailed everyone who can start using Venmo to pay in select apps. Didn’t get an email? Right now, we’re limiting availability, but stay tuned—we’re adding users regularly, and will let you know when you can start paying!”
– Venmo
Currently the feature is only available within Munchery and Gametime, and only for select users. For businesses looking to integrate with Venmo, there is a business specific page linking to more information on how to get started. The Venmo app itself is available for free in the App Store and is compatible with iPhones and iPads running iOS 8.0 or higher.
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Apple will announce plans for Apple pay to do pier to pier payments using that back end that chase and other big banks are joining – Potentially in march with apple watch news and the new 4″ with apple pay.
system level pier payments will win. Send people money in messages, through their contact, or using the apple watche’s fast contact button. Inside of apple’s ecosytem venmo doesn’t have a chance.
On the otherside, it’s really nice that venmo is cross platform.
Greg, you were spot on with this comment a year ago considering Apple is now reportedly working on a pier to pier payment solution through it’s ecosystem. I just hope it actually comes true.
I know that reaching agreement with bank and credicard companies must be really hard, but Apple is taking tooooo long to expand the use of Apple Pay. Here in Brazil, Samsung has already announced that Samsung Pay will be launch this year, probably due to the Olympic Games… Unfortunately only a couple of countries have Apple Pay…
Pay – aside from the UK, Europe remains devoid. I cant believe it’s a bank negotiation issue. Other providers – banks, credit cards and phone operators are using NFC tap-to-pay solutions over Android handsets.