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Venmo Touch Will Help Chicago’s Braintree Bump Mobile Transactions Past $2 Billion A Year

Screen Shot 2013-04-04 at 4.29.44 PMBraintree, a payments gateway that’s backed by Accel Partners and NEA, sounds like it has effectively doubled the volume of mobile transactions it sees per year to $2 billion. It now touts 40 million credit card accounts in its vault.

How does that compare to competitors? eBay, which operates Paypal, said it had 123 million registered accounts in its last earnings filing and that it expects to generate about $20 billion of mobile commerce and payments volume. So while Braintree is still smaller, it’s one of the few notable upstart companies in the space. Y Combinator’s Stripe is the other one with its formidable concentration of technical talent.

Braintree made waves last year when it acquired Venmo, a brand-new York-based mobile payments startup that made it uncomplicated and frictionless to transfer money back and forth via texts and e-mail.

The company kept Venmo’s brand name when it launched a successions of products including Venmo tap, which makes it uncomplicated for consumer to store their payments information across a network of Braintree-supported apps like HotelTonight, Airbnb and Uber. The concept is to reduce friction in entering credit card information, so that customers won’t forsake potential purchases.

Instead of having to re-enter your credit card information whenever you sign up for a brand-new mobile service that’s Braintree-supported, Venmo tap will automatically remember your payments data with one-click. Venmo tap has been in beta, but now it’s fully launched and available for all Braintree merchants.

On top of that, they’re releasing a brand-new iOS SDK, which will make it easier for developers to create a native checkout flow with stock UI images and suggestions for text. It has a payment form, that already contains plenty of credit card entry user interface components, and other features that support capture typos. They’ll bring both Venmo tap and an improved SDK to automaton in the near future.

Braintree has raised $69 million in mission capital to date from brand-new Enterprise Associates, Accel Partners, RRE Ventures and Greycroft Partners.

Source
TechCrunch

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