Merchants using Fiserv’s Clover point-of-sale (POS) solution or Carat omnichannel commerce ecosystem can now accept in-store payments via PayPal and Venmo, per a press release. This comes almost a year after PayPal re-entered the in-person payment space by adding QR code payment capabilities to its app, letting consumers and merchants scan and generate QR codes to complete transactions.
The move builds on PayPal’s trend of partnering with payment solutions providers to expand its in-store acceptance network quickly. Teaming up with Fiserv gives PayPal and Venmo the chance to compete for more in-store payments: The Clover ecosystem facilitated more than 2 billion consumer interactions and $135 billion in gross payments volume in 2020. And PayPal already partnered with payments technology company InComm so clients like CVS can accept PayPal and Venmo in-store and enabled Zettle, which it acquired for $2.2 billion in 2018, to accept its QR codes as well. PayPal is likely working to form new partnerships so it can reach more of the lucrative in-store payment market, which is set to be worth $5.621 trillion in 2021, per eMarketer estimates for Insider Intelligence.
PayPal's in-store push may be well timed as it comes on the heels of a strong performance in 2020 and changing consumer payment habits.