Online marketplace eBay will soon include Venmo as a payment option, aiming to expand payment choices and cater to the preferences of Gen Z and millennial shoppers.
This new payment method will be available to U.S. buyers on eBay.com and the eBay app, the company announced in a press release on Thursday (June 13).
“By integrating Venmo, a platform already embraced by more than 90 million highly engaged users, eBay taps into the modern and mobile-first consumer,” the company stated in the release.
With Venmo, buyers can pay using their Venmo balance or their Venmo-linked bank account, debit card, or credit card. Additionally, they can link their Venmo account to their eBay account to avoid entering payment details for future transactions, according to the release.
For sellers, the addition of Venmo as a payment option is expected to boost sales and reduce abandoned carts, as buyers who prefer Venmo will now have the option to use it. Sellers do not need to take any action to offer Venmo as a payment method.
Venmo joins several other payment options already available on eBay. Depending on the market, eBay also allows buyers to pay with major credit and debit cards, digital wallets, and buy now, pay later (BNPL) services, the release noted.
“eBay’s payments strategy aims to deliver frictionless, relevant, and safe commerce experiences for millions of buyers and sellers that transact on eBay every day across 190 markets,” the company said.
“Offering customers choice, flexibility, and control in how they pay and get paid on the marketplace ensures they can focus on what matters most to them — pursuing their passions and growing their business.”
Research indicates that companies are increasingly adopting peer-to-peer (P2P) payment methods like Venmo to provide consumers with more convenient and flexible payment options.
P2P payment systems eliminate the need for credit cards, enable quick and easy fund transfers, and typically integrate seamlessly with mobile devices.
The report also found that 51% of consumers in the U.S. and 52% in the United Kingdom use P2P payments. Another company that recently added both Venmo and PayPal as payment options is healthcare payments firm TrustCommerce.
When announcing this move, TrustCommerce Chief Product Officer John Welch said in a press release: “In conversations with healthcare providers, we have heard loud and clear that they would like to maximize payment flexibility for their patients by offering new, user-friendly payment options.”
