Venmo, the PayPal-owned peer-to-peer payments app, is reducing web support for customers as part of a reduction in its functionality. The company said it was discontinuing the ability to pay and charge someone on its website. Industry observers said there was some overlap between Venmo and its parent company and it was facing competition from bank-backed mobile payment service Zelle in the US, which is forecast to reach 22.9 million users against Venmo’s 27.4 million later this year. It is thought to want to concentrate on its mobile app.
Venmo, the PayPal-owned peer-to-peer payments app, is reducing web support for customers as part of a reduction in its functionality. The company said it was discontinuing the ability to pay and charge someone on its website. Industry observers said there was some overlap between Venmo and its parent company and it was facing competition from bank-backed mobile payment service Zelle in the US, which is forecast to reach 27.4 million users against Venmo’s 22.9 million later this year. It is thought to want to concentrate on its mobile app.