Apple Pay has a new competitor in the market, Venmo introduces its new ‘Pay with Venmo’ payment option for both iOS and Android platforms.
Although the concept of Pay with Venmo is very different than Apple Pay, we’re sure users will likely be using one or the other and not both. The payment platform is offered as an in-app payment option and vendors will directly integrate it into their checkout process. When users are done shopping and would like to check out, they can simply select the Venmo option in supported apps. Shoppers won’t need to type in any credit card information so the process is much simpler. If anything, this payment process reminds us a lot of PayPal.
The difference between with these Venmo and Apple Pay is that it is a cross-platform solution for both Android and iOS devices. This makes a huge difference because all users will be able to use this service, not just one platform specifically (another reason this reminds us so much of PayPal). It was noted that users can either share their transaction or keep it private after paying. Another major feature of this payment service is that customers can pay for something and split the transaction amongst friends at a later point.
It will be interesting to see how Pay with Venmo compares to Apple Pay and if iOS users will continue using their iOS-specific platform or if they’d be interested in trying out something new. The service is currently available for iPhones and iPads running iOS 8 or iOS 9 and is free to download from the App Store.