eBay Inc. (eBay) recently announced on its site that it is adding Venmo as a payment method at checkout on its platform. The popular marketplace said it is adding a payment platform to enable today’s digital natives to use eBay seamlessly. Earlier this year, eBay sponsored a red carpet event, where celebrity stars wore jewelry and dresses bought from eBay to increase its appeal to younger web fans.
Venmo is popular among Gen Z and millennials in the US. Now, these web fans can pay for purchases using their Venmo balance, bank account, debit card, or credit card linked to their Venmo account.
eBay News Team said Venmo has over 90 million users, of which 28 percent are Gen Z or millennials. These demographics are tech-savvy and use digital payments for all or almost all of their transactions. They also said that the digital payments platform made it simple and easy for their web fans to check purchases from eBay.
eBay also announced on Thursday that its website and app will offer the Venmo payment option in the coming week. Web fans must link their Venmo account with their eBay account, and then all transactions will become seamless, fast, and efficient.
These transactions will also give buyers confidence, as Purchase Protection will cover eligible payments, making the option more attractive and secure.
Sellers will also benefit, as web fans will reduce cart abandonment, as the Venmo option at checkout might favor them. Sellers will not have to tweak their accounts to add Venmo as a buyer payment method.
eBay will continue offering other payment options to its web fans, although American Express is no longer available to them, effective August 17. eBay said the global payments company charges “unacceptably high fees” for processing credit card transactions.
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