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Did Apple Pay Just Kill Venmo?

· ecommerce,Platforms,Consulting

There were many announcements this week at Apple’s WWDC, but one that caught our attention was the addition of Person to Person payments in Apple Pay in iOS11.
 
We were excited when Apple Pay came to the browser. It represented a big shift in the potential user base for Apple Pay and opened the door for additional payment option for our clients.
 And admit it - there’s something cool about being able to pay for something with your thumb.
 
Apple Pay will now allow you to send money instantly and securely, right in Messages. Requesting and receiving money is just as easy. The money is transferred to Apple Pay Cash, where you can spend it (using Apple Pay, of course) on the web or transfer it back to your bank.
 
There are other person to person payment options out there: Square Cash, Google, built in payments in Gmail, the grandaddy of them all PayPal, even your own bank account.
But the most ubiquitous of therm all is Venmo. Venmo has processed over 6.8 billion payments in Q1 2017 alone. It’s even become its own verb (‘Just Venmo me the money you owe from lunch’). 
 
Companies like Venmo need to take notice of Apple Pay in iOS 11 for two reasons:
1. The sheer number of iOS devices in service
2. The frictionless nature of being able to send cash via text.
 
We’re excited about this feature, and It’ll be interesting to see how the other payment processors fare when this rolls out in the release of iOS 11.

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