Shopify Inc. SHOP, -4.37% on Friday said that it was adding the Venmo service as a payment option for those using PayPal Holdings Inc.’s PYPL, -3.78% checkout feature on its platform.
“Offering Venmo as a checkout option on Shopify will allow consumers to engage with brands and their friends in a unique way,” Andre Lyver, Shopify’s head of financial solutions, said in a statement.
PayPal has been trying to build more momentum for its Pay with Venmo service and get more users to choose the popular peer-to-peer service at checkout. Monthly active users of Pay with Venmo increased about 185% from August to September, the company said on its latest earnings call.
Shopify shares are off 4.2% in Friday trading after a double-digit rise in Thursday’s session following a strong earnings report. PayPal shares are off 3.3% in Friday morning trading. Shopify’s stock has climbed 26% over the past 12 months, while PayPal’s has gained 16% and the S&P 500 SPX, -2.51% has risen 3.2%.
/marketwhatch.com
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