Venmo, the peer-to-peer payment company, is enabling its users to pay for purchases at retailer Williams-Sonoma.
According to a report in Recode, citing comments from Chief Operating Officer Mike Vaughan made at the Code Commerce conference in New York City on Thursday (Sept. 14), the executive said that consumers can use money in their Venmo account or charge their bank account to purchase or split gifts with others on Williams-Sonoma’s web properties.
To make a profit from the service, Vaughan said that Venmo will charge a processing fee to the retailer. Still, the executive views the news as beneficial to Venmo and the merchant, as it brings new customers to Williams-Sonoma while expanding the number of PayPal users.
“That is very much a traditional retailer that is very innovative that comes from a traditional retail world,” Vaughan said at the conference. He noted that Williams-Sonoma CEO Laura Alber was discussing how physical stores are part of its strategy, but that digital and mobile pay options also have to be in the mix.
Up until Vaughan’s announcement, the P2P payment company has enabled users to transfer money to each other or to make purchases on digital apps and some websites that partner with the company. Venmo is owned by PayPal.
The comments at the conference came just days after an announcement that Venmo is testing a free debit card for select users. According to a TechCrunch news report, the company is inviting select users to participate in a beta program. They will receive a free Venmo debit card that is attached to their Venmo account. Users can pay with the card in stores, online or as a mobile payment, and the money will be debited from their Venmo balance. “We have started sending a limited number of beta invitations to test a physical Venmo card to some of our users,” the company said in a statement. “While we’re excited to hear what people think, beta features are not guaranteed to see general release.”