For years, Venmo and PayPal have been like two estranged siblings, each with their own unique appeal but stubbornly refusing to communicate with one another. Both platforms have simplified the process of sending money to friends, family, and even that mysterious Facebook Marketplace seller, but attempting to transfer funds directly between them was akin to trying to teach a cat to fetch – it was simply not done. That is, until now.
In a recent email announcement, Venmo revealed that this long-standing impasse is finally set to change. Starting this November, users of both platforms will be able to send money directly to each other, regardless of whether they’re in the same country or on different continents. No more convoluted workarounds involving bank transfers or pleading with friends to download the other app. PayPal users will soon be able to locate Venmo users by phone number (and later by email), making cross-platform payments as simple as a few taps on the screen.
This development may leave you scratching your head, given that PayPal is, in fact, the parent company of Venmo. So, why the delay in implementing this seemingly obvious feature? The cynical among us might suggest that having users juggle both apps to make payments increased the likelihood of them maintaining accounts on both platforms. However, with the upcoming integration, such speculation may soon be a thing of the past.
For those who prioritize digital privacy, Venmo has included a safety net. Users can opt out of being discoverable by PayPal users by adjusting their settings under ‘Privacy’ and ‘Find Me’. While you’re at it, you might want to switch your default transaction settings to ‘Private’ to avoid broadcasting your late-night Taco Bell splurges to the world.
This update is part of a larger initiative called PayPal World, announced in July. Alongside Venmo, PayPal is aligning with Mercado Pago, India’s NPCI International Payments Limited, and Tenpay Global (WeChat Pay’s cross-border arm) to create a global network for seamless international transfers with minimal fees. With a combined user base of 2 billion, the potential reach of this integration is nothing short of staggering. Once live, the odds of you being able to pay anyone you know, anywhere in the world, will skyrocket.
While this development is undoubtedly convenient, it does raise a question: will Venmo and PayPal start charging us extra once they realize just how useful this integration is? Only time will tell.
So, what’s your take on Venmo and PayPal finally bridging the gap in cross-platform payments? Do you see this as a step in the right direction for users worldwide, or do you have reservations? We’d love to hear your thoughts in the comments below, or via our Twitter or Facebook pages.
