Venmo and Cargo Partner for In-Car Purchases
22 de Noviembre, 2018
Tiempo estimado de lectura: 2 minutos
P2P services are hard to monetize because providers are often at a loss after offering the services for free.
That’s been eating into PayPal’s take rate, which has been steadily declining for several quarters. So, in-store and e-commerce transactions have become a main component to Venmo’s aggressive monetization strategy: It partnered with Grubhub, Uber, and 2 million US retailers; became a payment option on Shopify, a platform provider for e-commerce companies; launched the Venmo debit card; and changed the fee structure on instant cashouts. And all of these efforts have started to pay off: 24% of Venmo customers participate in a “monetizable action,» up from 13% in May, according to PayPal’s Q3 2018 earnings. This partnership could be another lucrative addition to Venmo’s monetization strategy of building out use cases beyond P2P. Cargo counts 13,000 drives across 10 US cities in its network; though not a massive network, this integration could help get consumers attuned to using Venmo beyond P2P, particularly as it becomes an increasingly common payment option when coupled with Venmo’s other recent partnerships. That could allow Venmo to continue to see increased volume. The firm should continue to add commerce use cases moving forward as it continues to pursue lucrative revenue streams.
Fuente: Business Insider
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