PayNearMe adds new digital wallet payment options
PayNearMe has added PayPal and Venmo to its growing list of modern payment options in the US. These new digital wallet payment types allow businesses to offer their customers more choices for convenient and frictionless payments.
John Minor, SVP product and support, PayNearMe, said: “Consumers are growing increasingly comfortable using mobile payments to purchase goods and services as well as exchange money with friends and family. Now, they expect the same fast, frictionless experience to make payments and receive disbursed funds,”
“With the addition of PayPal and Venmo, we’re helping businesses meet customers where they are by enabling payments at any time, anywhere, and in any way they want to pay — including credit, debit, ACH, Apple Pay, Google Pay, PayPal, Venmo or cash.”
With more than 400 million active accounts, PayPal is poised to quickly become one of the most widely used payment methods for non-commerce transactions. According to PayNearMe’s recent bill payment study, 43% of US consumers surveyed said the convenience of using PayPal to pay bills is important or very important. The same study showed more than 1 in 4 consumers (27%) point to Venmo as a preferred way to pay their bills. Venmo’s popularity is largely driven by the 35% of Gen Z and millennial consumers who want to have the option to use Venmo to pay their bills.
PayNearMe’s native integrations with PayPal and Venmo work out of the box — no third-party apps or plugins are required. All transactions are saved to a single ledger to help ensure the reconciliation process is easy for businesses accepting these forms of payment.
Making a payment with PayPal or Venmo is also fast and easy for consumers. There is no need to manually enter credit card details and other personal information. This means transactions can be executed with a single click, reducing friction and improving the overall customer experience. Consumers can even make a payment with their existing PayPal or Venmo balance, making the process seamless for those who often use these apps and hold a balance.
Minor added: “Consumer adoption of PayPal and Venmo has grown exponentially since the beginning of 2020 and we expect it to become one of the fastest growing payment types for bill pay and other non-commerce transactions.”
“By adding PayPal and Venmo to our platform, PayNearMe clients across vertical markets can quickly and easily begin accepting these popular payment types, which will go a long way toward satisfying customers’ expectations.”