Microsoft has teamed up with PayPal to offer Venmo as a payment method on the Microsoft Store and the Xbox storefront. This addition provides consumers with another avenue for purchasing goods and services using Venmo.
This partnership will add Venmo to the list of payment methods accepted on the Xbox store. Venmo, a mobile payment application, allows users to send money to each other. Initially, it served as a way for friends and family to exchange money quickly, without needing physical cash or a card. However, its convenience and ease of use led to rapid growth, and slowly businesses began accepting Venmo as a means of payment.
The integration of Venmo into the Xbox platform aligns with its acceptance across various retailers. Additionally, given that Venmo is a PayPal service, Microsoft will also offer support for the PayPal Pay Later option. This service allows consumers to spread a purchase's cost over a period rather than paying the full amount upfront.
This does not mean that Microsoft is removing any of its existing payment options. Users unfamiliar with Venmo won't need to set up an account or learn to use the app. However, for those who actively use Venmo and have funds available, this integration might incentivize them to explore the Xbox storefront's offerings.
In other Microsoft-related news, the company's proposed acquisition of Activision Blizzard is currently under scrutiny. Regulatory authorities must approve the deal to ensure Microsoft can incorporate Activision Blizzard into its Xbox division. The CMA (Competition and Markets Authority) recently reported that they had not received any resolutions from Microsoft regarding their concerns about the purchase.
