Venmo, a digital payment app, part of PayPal, is now allowing other platforms to use their payment service inside various apps.
Since its launch in 2009, Venmo has allowed its users to make payments to other users of the app, all whilst displaying the transactions in a feed similar to social media feeds. If things keep going the way they are, the service could soon be used to the same extent as other apps including Snapchat and Facebook Messenger, which are also aimed at a younger demographic that enjoy using mobile technology.
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Small business lending and personal lending goes mobile
Ledge, a peer to peer lending app which was only launched recently, have teamed up with Venmo to make setting up crowdfunding campaigns easier. However, Ledge is just one of several third-party apps and services that Venmo has opened up to. The general plan of action is to offer the service to a small portion of iOS users, but only on a few apps at first – two of the contenders for this include ticket ordering app Gametime and food delivery service Munchery – before eventually rolling it out to PayPal’s existing base of merchants. If this were to occur, it’s likely that Venmo would become the Paypal of the mobile-era. With more and more peer to peer lending technologies and services such as these being rolled out almost weekly, it’s probable that we’ll be seeing much more of mobile peer to peer lending in the coming years.