Braintree targets Visa with Venmo Touch app payment platform
Mobile and digital payments firm Braintree Payments revealed Venmo Touch, a new service that the company said brings one-touch payment capabilities to a variety of apps. The service is currently in a private beta and will be available to users of HotelTonight, TaskRabbit and Wrapp in the next few weeks.
Venmo Touch users can make purchases in different apps without having to re-enter personal financial information. When a user makes a purchase using a Venmo Touch-partner app, he or she will be given the option to save his or her financial information to simplify payments in other apps. Previously Braintree allowed users to save payment information for a specific vendor or app.
"Filling out forms and entering payment information on a mobile device is a real hassle for users," said Bill Ready, CEO of Braintree. "Each time a user downloads a new app, the user needs to re-enter payment information, creating frustration for users and a huge obstacle in the user sign-up process for apps. Venmo Touch lets you store payment information once and then use it across multiple apps without requiring users to sign-up or download a separate app. This makes the payment and sign-up process much easier."
Venmo Touch faces competition from Visa's V.me, which allows users to purchase goods via smartphone, tablet or PC without having to re-enter financial information. V.me exited beta in November, and Visa has promised real-world implementations and apps will come to market this spring.
Last August, Braintree acquired mobile wallet company Venmo in an effort to simplify and expand its mobile payment experience. The company touts supporting 130 currencies in 30 different countries around the world. In October, Braintree received $35 million in venture capital funding, according to Rutberg and Co. data.
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