International Finance

PayPal now launch ‘Tap To Pay’ for businesses

IFM_Tap To Pay

In an effort to get the technology into the hands of as many consumers as possible, leading payment gateway PayPal has announced that support for its ‘Tap to Pay’ service is rolling out to Venmo business clients using Android handsets.

With ‘Tap to Pay,’ companies can take payments using compatible smartphones rather than acquiring dedicated terminals. ‘Tap to Pay’ functions similarly to traditional contactless payments and is compatible with cards and digital wallets like Apple Pay.

With the support for Android devices, small businesses in the US will now be able to take advantage of their smartphones’ capacity to accept Venmo payments.

‘Tap to Pay’ For Venmo Comes To Android

“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,” Head of Product for Microbusiness at PayPal, Ed Hallett, said, Techradar reported.

In the coming months, all Venmo business profile users will be able to use ‘Tap to Pay’ on their Android devices. Alternatively, they can also apply for early access on the Venmo website.

At the same time, the company announced that US PayPal Zettle users can now also use ‘Tap to Pay’ on Android.

This news comes just two months after Square, a credit card processing company, announced it was bringing ‘Tap to Pay’ to Android devices, which in turn was two months after Stripe, an Irish-American financial service company announced support for ‘Tap to Pay.’

For Venmo users, it means they will have to part with 2.29% of each sale plus 9 cents, which contrasts with the 1.75% fee charged on card transactions when using physical Zettle terminals. Square also charges 1.75%, making it cheaper to use ‘Tap to Pay.’ Venmo hopes the near-instant access to funds will help justify some of the extra cost.

Image Credits: PayPal

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