As the world becomes more digitized, people are using more than just cash and credit cards to pay for their purchases. With this comes a growing demand for more payment options from high-risk merchant account providers.
The digital payment platform PayPal has been used by millions of consumers for many years as a digital wallet that allows them to store and transfer money or make payments online without the need for a credit or debit card.
And with the evolution of digital payments, especially because of the pandemic, PayPal has announced that its services together with Venmo will now be available as a payment option at in-store POS.
Taking digital payments a step further with in-store POS features
The company noted that millions of small and big businesses are already using its services at the point of sale (POS) in addition to the availability of features like PayPal Cash Card Mastercard, PayPal Business Debit Mastercard, Venmo Visa Credit Card, and Venmo Mastercard Debit Card.
This new feature will give consumers more options, which is also beneficial for businesses that want to stay competitive in a highly digitized industry. PayPal said that through its Zettle POS solution, businesses don’t need to go through a lot of technicalities just to adapt in-store POS payments into their current system.
The decision was made after a study from Forrester revealed that “71% of respondents are more likely to buy and feel good about a brand if they can use a variety of payment options and digital wallets”.
Even United Airlines is now using PayPal QR codes to accept payments for food and drink purchases on the plane, a more convenient option for those who don’t like to bring cash when they’re traveling.
The future of digital payments
PayPal currently has a global reach of more than 400 million users while Venmo, which is under the company has more than 70 million users in the United States.
It is also the most preferred digital wallet by American consumers because of its social sharing feature and ease of use. Millennials and Gen Z consumers also make up a huge chunk of Venmo users.
Nitin Prabhu, PayPal’s vice president of merchant platforms, integrations, and dev-experience explained that these new features were developed by the company after seeing how the pandemic has caused a digital shift and consumers are now exploring more digital payment options after discovering how convenient they are.
He also noted that: “A lot of times the journey starts online, on their desktop, on their mobile, but may end in store.” By having Paypal and Venmo available in-store, merchants can take advantage of completing this sales journey and ensuring that they get the most profits from it.
At the end of the day, it’s all about making adjustments to ensure that customers are given the best experience possible. Merchants also need to get used to working with different platforms and partners to stay competitive in their respective industries.