PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that Tap to Pay on Android is rolling out for Venmo business profile users in the U.S., enabling them to accept contactless payments directly on their Android mobile devices with no additional hardware or upfront cost.
With fewer consumers carrying cash, small businesses are more dependent than ever on the ability to accept card payments. Yet, many small business owners are not set up to cater to this new normal in consumer behavior. Nearly 80 percent of buyers have used contactless payments to complete a purchase, but until now, small businesses have needed to pay for and manage card readers to meet this consumer expectation. That is all set to change with the advent of Tap to Pay technology.
With Tap to Pay through Venmo, small businesses in the U.S. will be able to start accepting contactless cards and digital wallets within minutes, directly on their mobile devices with no upfront cost or additional hardware. Venmo business profile users will also be able to manage both their Venmo and card payment transactions directly within the Venmo app, and have all their funds settle into their Venmo account, helping to streamline operations and manage cash flow.
"Tap to Pay is the last milestone in the democratization of in-person card payments, where users can start taking card payments with no setup cost in a matter of minutes," said Ed Hallett, Head of Product, Microbusiness, PayPal. "We're unlocking access to this capability for the millions of businesses using Venmo and PayPal Zettle, helping them drive sales with frictionless payment options."
Venmo business profile users like Brothas Cookies, Dear Mama LA, GBarney Nails and Magical Box Bakery are already using and benefiting from Tap to Pay.
"I've been using Venmo business profiles to accept Venmo payments when I sell my cookies at local farmers markets, but I wanted to be able to give my customers more ways to pay," said Heather Driscoll, founder of Magical Box Bakery. "Previously, I used a card reader to accept credit and debit cards, but having to remember to charge a separate device and having two separate dashboards to manage was a challenge. With Tap to Pay, I can accept credit and debit cards directly on my phone, manage all of my transactions in one place, and have my funds settle directly within the Venmo app."
Small business owners can onboard in just a few simple steps and start accepting contactless cards and digital wallets through their Venmo business profile.
Tap to Pay on Android will be available for all Venmo business profile users in the coming months, but businesses can request early access here. Tap to Pay on Android is also now available for all PayPal Zettle users in the U.S. You can learn more and get started here.
In addition, Tap to Pay on iPhone is now available to select Venmo business profile and PayPal Zettle users, with plans to make it available to all Venmo business profile and PayPal Zettle users in the U.S. soon. Venmo business profile users can request early access here.