- Online money transfer service and rideshare app partner to make paying easier for customers
- Deal is part of larger trend of businesses adopting digital payments and emerging tech to simplify transactions
- PayPal also announces improved security measures for merchants
US-based online money transfer platform PayPal has announced a partnership with ridesharing app Uber to make payments easier for customers.
Users of PayPal’s popular Venmo payments app will be able to use their account balances to pay for Uber rides or for food orders with the app’s takeout delivery offshoot, Uber Eats. Customers will also have the option to use more traditional payment methods including linked bank accounts and credit or debit cards to easily split charges with family and friends right in the Venmo app.
Venmo is currently the top mobile payments app in the US, used by millions to send online money transfers and pay for goods and services.
The deal between PayPal and Uber is part of a larger industry-wide shift to embrace new technologies that simplify international payments and online money transfer for consumers.
According to recent data, digital payment volumes around the world are expected to grow by more than 10% over the next two years, with transaction volume surpassing 726 billion by 2020. As consumer demand increases for faster, easier payment options, more and more small and medium-sized businesses are integrating emerging tech like digital payments, online money transfer, cloud-based accounting and virtual cards.
In a related announcement, PayPal has announced its acquisition of leading security platform Simility.
“Digital commerce has exploded, and fraudsters have taken note, adapting and developing new methods to carry out their crimes,” said Bill Ready, COO at PayPal. “Together with Simility, we will be able to put more control in the hands of our merchants to fight fraud while helping make commerce experiences faster and more secure.”
To learn more about how businesses are using technology to facilitate better international money transfers, explore our international payments guide here.
