Paychecks Can Now Be Deposited into Venmo Accounts

Last Updated on August 20, 2021 by Josh

PayPal and Fiserv have launched a new partnership that would allow gig economy workers to deposit their salaries into a PayPal or Venmo account. With the rise in popularity of digital wallets, the partnership between the two fintech companies aims to provide consumers with speedier access to payouts and businesses with additional marketing opportunities on the Venmo platform.

The partnership can potentially change the way consumers bank if users embrace depositing business-to-consumer payments onto platforms like Paypal, Venmo, and Cash App.

Key takeaways:

  • PayPal and Fiserv have launched a new partnership that would allow gig economy workers to deposit their salaries into a PayPal or Venmo account.
  • The technology, according to Fiserv, can also be used for insurance, gaming, and other B2C transactions.
  • According to the FDIC, around $5 trillion was placed in non-interest-bearing accounts in the first quarter of 2021.

Read more: https://www.cnbc.com/2021/08/18/paypal-and-fiserv-partner-to-allow-paycheck-deposits-into-venmo-accounts.html

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