Posted on: February 16, 2022, 10:59h.
Last updated on: February 16, 2022, 12:15h.
PayNearMe will soon offer iGaming and mobile sports betting customers seamless integration of PayPal and Venmo services.
The popular online payment processor says it will implement PayPal and Venmo to its platform sometime in the second quarter of 2022.
PayNearMe explains the additional digital wallet options will allow businesses to offer their customers more choices for convenient transactions.
PayNearMe is the financial services market leader in facilitating iGaming and online sports betting transactions. PayNearMe has contracts in place with nine of the 10 largest internet gaming operators in the US, including FanDuel, BetMGM, and Caesars Sportsbook.
PayNearMe develops technology that it believes provides a better payment experience for businesses and their customers.
Our modern, flexible and reliable platform helps businesses increase customer engagement, improve operational efficiency and drive down the total cost of accepting and managing payments,” the company said in a statement supplied to Casino.org.
“PayNearMe enables more ways to pay by offering major payment types and channels in a single platform,” the company statement continued.
PayPal claims to have 400 million active accounts globally. Venmo is popular with younger audiences, with an estimated one in four millennials regularly using the payment platform. PayPal acquired Venmo in 2013 for $800 million.
Internet gamblers and mobile sports bettors playing on a platform supported by PayNearMe can deposit and withdrawal their accounts via credit, debit, ACH, Apple Pay, Google Pay — and soon, PayPal and Venmo. Customers can additionally deposit cash to their accounts at a variety of brick-and-mortar stores. Walmart, CVS, and 7-Eleven are three such chains that facilitate PayNearMe deposits.
Call to Younger Audiences
John Minor, senior vice president of product and support for PayNearMe, says the company’s adaptation of PayPal and Venmo comes in response to changing consumer preferences.
“Consumer adoption of PayPal and Venmo has grown exponentially since the beginning of 2020 and we expect it to become one of the fastest-growing payment types,” Minor explained. “By adding PayPal and Venmo to our platform, PayNearMe clients across vertical markets can quickly and easily begin accepting these popular payment types, which will go a long way toward satisfying customers’ expectations.”
Along with iGaming and sports betting, PayNearMe operates in several other industries such as consumer lending, insurance, property management, and mortgage services.
Billions Being Moved
The American Gaming Association reported this week that gross gaming revenue from online casinos totaled $3.71 billion in 2021. And more than $57 billion was wagered on sports last year — the vast majority of which was bet over the internet.
Financial tech firms such as PayNearMe continue to accommodate the emerging interactive gaming markets with new payment services. Along with the forthcoming integration of PayPal and Venmo, PayNearMe last fall announced a partnership with Pin4 to provide more ATM deposit and withdrawal options.
Pin4’s MoneyLine platform is tailored to the iGaming industry. Online gamblers and/or sports bettors with PayNearMe accounts can withdraw up to $500 per 24 hours at one of more than 18,000 Pin4-enabled ATMs across the nation.