PayPal is now introducing the tap to pay feature on Android for Venmo and Zettle businesses in the United States, allowing local stores to accept payments with just a smartphone. This means that shops can now accept not only Apple Pay and Google Pay but also other contactless services or cards, including digital wallets, without the need for a card reader. As a result, customers may no longer have to bring out their wallets when making payments. The setup process is quick and easy, taking only a few minutes, according to PayPal.
Furthermore, the initial setup for this feature is free of charge. While tap to pay will be gradually rolled out to all Venmo businesses across the country in the coming months, interested clients can sign up for early access to the service. On the other hand, the tap to pay feature is already available for all PayPal Zettle users in the US. PayPal also mentions that Tap to Pay on iPhone is currently available for some American users and is expected to be accessible to all of them in the near future.
The motivation behind PayPal’s introduction of the tap to pay feature is evident. TechCrunch reveals that Venmo and Zettle charge a fee of 2.29 percent along with nine cents for each transaction made using their services. Therefore, if a store relies heavily on tap to pay for a significant portion of their sales, they can still benefit financially even if their customers do not directly use Venmo or Zettle. Venmo is already accepted as a payment option in major stores like Starbucks, which gives PayPal a greater stake in the overall retail process.
Similar to Square and Apple’s Tap to Pay on iPhone, PayPal’s approach aims to make contactless payment more accessible. By lowering entry costs and enabling small businesses to accept customers’ preferred payment methods, whether it’s outdoors or at a convention, PayPal’s tap to pay feature could potentially reduce the reliance on cash and traditional credit or debit cards. However, the adoption and success of this technology will ultimately depend on retailers’ acceptance and their willingness to invest in the necessary infrastructure.
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In conclusion, PayPal’s introduction of tap to pay on Android for Venmo and Zettle businesses in the US is a significant step towards making contactless payments more convenient and accessible. With just a smartphone, local stores can now accept various contactless payment methods without requiring a card reader. This move not only benefits PayPal by increasing its involvement in the retail process, but it also has the potential to reduce the reliance on cash and traditional cards in favor of digital wallets and contactless services. As the tap to pay feature gains traction among retailers, it could revolutionize the way we make payments in the future.
