You may remember a few months ago when PayPal launched Tap-to-Pay on Android for merchants using Venmo and Zettle. Yesterday, the fintech behemoth announced that the feature has now been added for iPhone users.
This allows any Venmo or Zettle merchant to use their phone as a payment acceptance device with no other hardware needed.
The pricing is very reasonable with 2.29% + 9c for every transaction processed in this way.
I have seen more and more small businesses accepting Venmo via their business account but this switch will likely open the floodgates now.
We are swiftly moving to a day where your phone is the only device needed to pay and accept payments.
When hardware card readers go the way of the dinosaur and most transactions are conducted this way the opportunity for new payments rails will explode. But that is a topic for another time.
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