Multinational financial technology company, PayPal, has announced that it will be introducing “Tap to Pay” for American retailers that have an iPhone and use the Venmo and Zettle applications.
PayPal disclosed this in a press release seen by News.ng on Friday.
The American company bills itself as a company operating an online payment system in the majority of countries that support online money transfers.
The functionality was first made available to Android phone businesses by PayPal eight months before the launch.
“Consumers are increasingly going cashless,” PayPal said in the release.
“As a result, accepting card and digital wallet payments in person is increasingly table stakes for small businesses, but until recently, businesses have had to purchase and manage card readers to do so.”
According to the release, Tap to Pay enables retailers to apply taxes, take gratuities, send receipts, and issue refunds without the need for additional hardware, in addition to accepting payments from cards and digital wallets like Apple Pay or Google Pay.
The company added that money from sales is promptly transferred into a company’s Venmo or PayPal Zettle account. For each sale made using Zettle and Venmo’s tap-to-pay feature, PayPal costs 2.29% + 9¢.
Reacting to the release, Elaine Bailey, founder of The Cheesecake Queen based in Houston, said:
“Enabling Tap to Pay on iPhone with our Venmo business profile was really easy, and my customers really love it because it’s a quick and convenient way for them to pay.”
PayPal CEO Alex Chriss said in a video that went along with the news that “little interruptions” like password reminders or sluggish response times can cause problems for customers when they shop.
It makes sense that, in half of cases, “as close as [consumers] are to making the purchase, they just quit,” Chriss added. It’s an annoying “gap” for retailers.
