Abercrombie & Fitch is adding Venmo to its app, and the Hollister app, in an effort to bring a payment option geared towards millennials to its platform. The apps are important to the retailer’s resurgence — they’re the digital channels seeing the most growth for the company, Bloomberg reported.
Venmo, which is owned by PayPal Holdings, Inc., is popular with young consumers that like online payments and don’t carry much cash. In the year leading up to June 30, Venmo processed a payment volume of more than $46 billion dollars. After it opened up to merchants in 2017, a variety of retailers have begun to offer Venmo as a payment option.
In July, Uber and Venmo announced that they were partnering to deliver a new payment experience for Uber and Uber Eats. In a press release, PayPal said that more than six million payments on Venmo mentioned Uber over the past year, making integration between the two apps a natural fit.
“Adding Venmo as a way to pay within Uber and Uber Eats furthers our mission to provide a seamless way to pay for the services that matter most to our customers,” said Bill Ready, chief operating officer at PayPal. “Whether it’s splitting a ride home after a night out, or sharing a meal during a night in, paying with Venmo provides our customers with a convenient and fun way to split and share these experiences with friends.”
According to the companies, customers in the U.S. who are ordering food and rides via Uber will soon be able to pay with their Venmo balance, linked bank account, credit card or debit card, allowing them to split the cost with friends and family in the Venmo app at no extra fee. The companies also said users can share their purchases in their Venmo feeds with custom emojis that are exclusive to the partnership.
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