Uber has decided to bring in Venmo which can help you pay for your rides as well as for UberEATS.
Venmo, which is owned by PayPal, would be integrated with Uber so as to improve the growth of both the companies. It will officially be available for the US users, in the following weeks.
Why was Venmo brought to Uber?
PayPal has been used quite often, thus it is more than obvious that Venmo would also be brought under same terms.
This would be a means by which they could compete among the likes of Lyft. But for obvious reasons, both these companies can be partnered as well, probably in the future for more profit.
Uber has cleverly used this option to bring more users. This is mainly because –
- The users need to link the financial information with the other riders while sharing. Hence, it’s secured.
- It’s also useful for those who send money over to the friends for them to book their ride.
Bill Ready, the COO of PayPal, mentioned the following at Bloomberg, “There have been 6 million transactions inside of Venmo in the last year alone that were discussing Uber”.
How to use this feature?
The food delivery as well as the rides can easily be paid by the customers inside Uber, via Venmo. This option will be added right next to the already existing Apple Pay.
From the 12th of July, the users could see an option known as “Pay with Venmo”. When this option is selected, much like the other payment gateways, it would redirect you to the Venmo app. The payment can be done either through the Venmo Balance or through the linked bank account / debit card.
The users could also split the bill among their friends or family. Uber had an option of splitting already, but the users were charged about 25 cent for each rider as fee. But now, with Venmo, this would be neglected.
They also tend to add a custom emoji for Uber as well as UberEATS in the app.
What does PayPal have to say?
Bill Ready said the following –
“Adding Venmo as a way to pay within Uber and Uber Eats furthers our mission to provide a seamless way to pay for the services that matter most to our customers.
Whether it’s splitting a ride home after a night out, or sharing a meal during a night in.”
Marco Mahrus, who is head of payment partnerships at Uber said the following –
“With so many of our riders and eaters already turning to Venmo as a way to pay a friend back for that last ride or meal, we’re proud to have built a seamless, easy-to-use connection between our apps.”