Mobile Payment App Venmo Coming To New York Stores
NEW YORK (CBSNewYork/AP) -- Users of Venmo, the social mobile payment service created to be help friends split bills, will soon be able to pay at retail stores around New York City.
Since being acquired by PayPal in 2013, Venmo has broadened its options available to users, with this latest expansion adding up to 2 million stores including Lululemon, Forever 21, and Foot Locker.
In addition, Venmo customers will also be able to instantly transfer money from Venmo to their bank accounts via eligible debit cards for $0.25 per transfer.
The company says funds will typically be available in a customer's bank account in a matter of seconds, although some banks may take up to 30 minutes.
"Our vision for Venmo is to not only be the go-to app for payments between friends, but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay, regardless of device," said Bill Ready, Chief Operating Officer of PayPal.
The new option will be available to all Venmo users over the coming months.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)