PayPal has announced that they are expanding Venmo beyond just person to person payments. The company has said that Venmo is “one of the fastest growing apps in the world by dollar volume” and are finally getting their due with their “Pay with Venmo” service that is coming soon. This will allow people to pay with Venmo at any PayPal merchant, thus expanding Venmo from just an online or in-app service. PayPal has also expanded their services with “PayPal One-Touch” which allows users to pay with a single touch (Hence the name). All of these adaptations will help the PayPal company in the future as technology continues to advance.
“What this does is it opens up the Venmo user base to our PayPal merchants and it will be exactly the same take rates,” says CEO Dan Schulman. Basically meaning that Venmo will charge the same user rates as PayPal, which ultimately will increase profits substantially enough to monetize the company in the near future. If things keep going at this rate for Venmo I predict they will be sold for billions of dollars.