Chicago-based Braintree, payments platform for online and mobile commerce, recently acquired Venmo, a mobile and social payment application that makes it seamless for consumers to make and share payments with their mobile phones.
The addition of Venmo’s digital wallet and person-to-person payment application extends Braintree’s payment platform to consumers for the first time.
“The addition of Venmo to Braintree’s offering will make it even easier for developers at e-commerce and m-commerce companies to offer the most elegant, frictionless, mobile and social purchasing experiences,” says Bill Ready, CEO of Braintree. “More than 20% of e-commerce sessions are already coming from mobile devices and mobile purchasing experiences will define the next wave of e-commerce. Braintree and Venmo will provide a set of tools as important to the next 10 years of e-commerce as PayPal was to the last 10 years of e-commerce.”
Braintree is already handling $1 billion in mobile payments, representing 10% of all mobile commerce transactions. In addition, Braintree has stored over 30 million credit cards from consumers who’ve purchased at merchants using Braintree’s payment gateway and vault.
Consumers who have stored their payment information at one of the thousands of online and mobile applications that use Braintree will soon be able to use the Venmo digital wallet to pay merchants in just one click.