Venmo, the fund transfer service owned by PayPal, can now be used as a payment option when purchasing items at more than 2 million retailers’ mobile websites in America (including familiar retail brands such as Walmart, Target, and Forever 21, among many others). By taking full advantage of PayPal’s current network, Venmo has managed to gain support in quite a large number of retailers’ mobile websites.
Just this week, Venmo had announced that it is planning to begin letting customers instantly withdraw their balances to their bank accounts before the start of next year, that is if they are willing to pay the $0.25 fee for each transaction.
When the Venmo mobile payment app (which is owned by PayPal) started introducing support for third party apps last year, many saw the move as a ploy to get more money by way of additional business transactions, including those coming from Delivery.com, Parking Panda, and even Poshmark.
It goes without saying that Venmo is hardly the only service of its kind -- rival Zelle happens to have the backing of over 30 major banking institutions with operations in the United States, and on top of that, Zelle can transfer funds easily between the bank’s own mobile apps without ever needing to make use of a middleman such as PayPal or even Facebook’s Messenger platform.
Apple introduced a new major update to its mobile payment system during this week’s Worldwide Developers Conference (WWDC). The tech giant showcased a new peer to peer payment system, which basically lets iOS mobile users send and also receive cash right within the tech giant’s own iMessage app. People can then facilitate and validate payments by way of the iPhone maker’s Touch ID fingerprint scanner technology. If a user receives cash from another user, the money is stored on an Apple Pay Cash Card, that is until the user decides to withdraw it or send it to another person.
As reported by the Wall Street Journal, Apple is apparently in discussions with several banking establishments to launch a mobile payments service, which would go head to head with Venmo, the mobile peer to peer service provided by PayPal. Apple’s new mobile payments service could be made available as early as next year, and the iPhone maker envisions the service as one that would tie bank accounts with Apple’s mobile devices. For mobile users, this could mean that they could easily send cash from one person’s checking account to to another.
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