With consumers showing greater interest in contactless checkout and flexible payment options, retailers have been exploring new solutions through which to sell their product and keep shoppers happy. The announcement of a new Venmo Credit Card could push more retailers towards Venmo for Business, in order to capitalize on the platform’s community of 60 million users.
Venmo is most commonly known as a peer-to-peer consumer payments app, that allows users to sync their bank account and then pay or charge others instantly. The company, a subsidiary of PayPal, previously released a debit card function that attached to the user’s Venmo account; now it has launched a Visa-backed credit card with an emphasis on personalized rewards.
While targeted at consumers, this could have considerable impact on retailers who are enrolled in the Venmo for Business program – or even encourage more to sign up. Since many retailers have had to adjust their usual store protocols and introduce new means of checking out, contactless options have proven popular due to their hygiene-friendly approach. The increase in mobile commerce has also pushed for smartphone-friendly solutions – like Venmo.