SAN JOSE, Calif.—PayPal Holdings Inc. said more than two-million U.S. retailers now will be able to accept payments through its mobile app Venmo.
The popular P2P solution, which has been part of PayPal since 2013, processed $8 billion in payments in the second quarter of this year, according to Reuters.
Venmo users will be able to use their app balance or linked cards and bank account to shop on the mobile sites of almost all merchants that accept payments with PayPal, including retailers such as Foot Locker, Lululemon Athletica Inc. and Forever 21, Reuters reported.
PayPal started slowly, introducing the ability to pay select businesses with Venmo early last year.
“At Venmo from the very early days our vision was to always let you use it for whatever you want to buy,” Ben Mills, Venmo head of product told Reuters.
The company will be charging merchants fees for processing Venmo payments, Mills said, adding that the service’s ease of use could help increase their sales, he added.
Over the coming months Venmo users will also be able to transfer money instantly from Venmo to their bank accounts for a $0.25 fee per transfer. At the moment Venmo immediately alerts users that a money transfer is in progress, but takes time to shift funds between bank accounts, Reuters explained.