PayPal Holdings, Inc. has launched Tap to Pay on Android for Venmo business profile users in the US, allowing them to accept contactless payments. This roll-out will help small businesses cope with the increasing demand for cashless transactions with no additional hardware or upfront cost.
The shift to cashless transactions has increased the dependency of small businesses on card payment acceptance. However, many are still unprepared to meet this change in consumer behavior. About 80% of buyers use contactless payments, yet, until now, small businesses had to bear the cost and management of card readers to meet this expectation. The introduction of Tap to Pay technology aims to address this.
With Tap to Pay through Venmo, US small businesses can start accepting contactless cards and digital wallets within minutes, directly from their mobile devices. In addition, Venmo business profile users can manage Venmo and card payment transactions within the Venmo app, with funds settling directly into their Venmo account. This consolidation of transactions helps 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.”
Several Venmo business profile users, such as Brothas Cookies, Dear Mama LA, GBarney Nails, and Magical Box Bakery, have already started benefiting from Tap to Pay. Heather Driscoll, founder of Magical Box Bakery, shared her positive experience with the new service: “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 quickly onboard and accept contactless cards and digital wallets through their Venmo business profile. While Tap to Pay on Android will be available for all Venmo business profile users in the coming months, businesses can request early access. It is also now available for all PayPal Zettle users in the U.S.
Additionally, Tap to Pay on iPhone is available to select Venmo business profile and PayPal Zettle users, with plans to extend this service to all Venmo business profile and PayPal Zettle users in the U.S. soon.
Small Business Deals
This new service is set to transform the payment landscape for small businesses, removing entry barriers for contactless payment acceptance and promoting operational efficiency in a cashless economy.