SAN FRANCISCO—PayPal has introduced tap-to-pay technology for Venmo and PayPal Zettle businesses in the United States.
Small businesses can now accept contactless payments—including cards and digital wallets—directly on their mobile devices without the need for additional hardware or upfront costs, Payments Journal reported.
According PayPal, nearly 80% of buyers have used contactless payments for purchases. However, until now, small businesses had to invest in contactless point-of-sale systems, as well as manage card readers to accommodate consumers, Payments Journal said.
“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 at PayPal in a prepared statement to Payments Journal. “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.”
The Competition
PayPal and Venmo are competing with other payment service providers and fintech companies that offer similar contactless payment solutions.
Payments Journal noted that Square and Stripe have been leaders in providing mobile payment solutions for small businesses, while traditional players such as Visa and Mastercard have also introduced their own contactless payment technologies.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com