Braintree Acquires Mobile Payment Platform
Aug. 20, 2012
Braintree, a Chicago-based company that offers merchant accounts and online payment gateways, on Friday revealed that it has agreed to acquire mobile and social payment application provider Venmo. Braintree said Venmo’s person-to-person payment application will enable it to extend its payment platform directly to consumers for the first time and will enable its e- and m-commerce clients to offer an “elegant, frictionless mobile and social purchasing experience,” according to Braintree CEO Bill Ready.
“More than 20 percent of e-commerce sessions are already coming from mobile devices and mobile purchasing experiences will define the next wave of e-commerce,” said Ready. “Braintree and Venmo will provide a set of tools as important to the next 10 years of e-commerce as PayPal was to the last 10 years of e-commerce.”
Retailers using Braintree’s platform will eventually be able to tap the payment information of 30 million consumers who have already made purchases with Braintree merchants to offer one-click mobile and online payments to their customers, the company said.