Venmo's new plan to make money: Letting you pay with Venmo in other apps
Millennials can't get enough of money-sending app Venmo.
Business Insider's Jillian D'Onfro even wrote an ode to the PayPal subsidiary last year.
But Venmo has struggled to find a way to monetize. That could be changing soon, according to Quartz' Ian Kar.
Right now, you probably just use Venmo to send your roommates rent or to split your dinner tab. But now, Venmo is working on an in-app payment option inside other apps, too.
Venmo is launching a service called Pay With Venmo, according to Quartz. Instead of paying with your credit card inside of other apps, you'll be able to pay using your Venmo account. The "Pay with Venmo" option will look similar to the PayPayl payment option you're probably already familiar with.
Venmo has been public about its plans to monetize its service in this way, but this is the first look at its implementation.
"What we do want to do is tie Venmo into all of the merchant networks we have so that we can afford more optionality for more Venmo users to do transactions, and that also monetizes the Venmo asset for us," PayPal CEO Dan Schulman said onstage at Business Insider's IGNITION conference last month.
According to publicly available code and Quartz' sources, the feature will be released Wednesday, and it's been beta-tested over the last month and a half. Early Pay With Venmo partners include Munchery and GameTime.
On average, PayPal CEO Dan Schulman says, users open the app four or fives times a week despite only doing transactions a couple times a week. "The typical Venmo user opens their app four or five times a week. It's at the center of how they move their money. There are now, last quarter, over $2.1 billion in volume that was transacted through Venmo, up 200% year over year," Schulman said.
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