PayPal and Venmo aren’t worried about Apple Pay P2P service
Recently Apple Pay revealed its plans to launch a peer to peer, person to person, P2P, payment system that will take on PayPal’s hugely successful Venmo. And in response PayPal CEO Dan Schulman has revealed he isn’t that worried in a Telegraph interview.
As PayPal CEO Dan Schulman says: “Unlike Venmo, Apple’s service will not work on Android phones or Windows laptops, and whereas Apple has to work with credit card companies to make payments, PayPal controls several parts of the payments process, such as risk assessment and customer protection. We own the full value proposition, Apple can never do that because they don’t do the risk associated with it, they don’t do the onboarding, they can only provide what they hope is a good user interface. We try to provide that end to end value proposition and very importantly we do it across operating systems.”
Venmo is one of the most interesting aspects of PayPal at the moment. It came as part and parcel of the acquisition of Braintree back in 2011 when PayPal and eBay were still married. And it has proved to be a decent profit centre and is massively popular with millennials and younger users. Clearly PayPal realises the value and is bullish about the future. Even in the face of an Apple assault.