American payment platform Venmo has announced the launch of 'Charity Profiles,' a new feature that allows charities and other non-profits to raise money and receive donations directly through the app.
According to the company, only those organizations that have been vetted and received charity status by PayPal will be able to set up Charity Profiles on Venmo. To set up a Charity Profile, organizations are invited to visit the dedicated Venmo Charity Profile setup page. If approved, Venmo will automatically build them a new Venmo charity account.
"As Venmo has continued to grow and evolve over the years, we’ve seen the Venmo community come together in unique ways to send payments of goodwill and share random acts of kindness with people in their community and beyond," said Denise Leonhard, the vice president and general manager of Venmo.
Charity-Focused Payment Features
Non-Profits Can Now Set Up Special 'Charity Profiles' on Venmo
Trend Themes
1. Charity Payment Platforms - The development of payment platforms for charity and non-profit organizations allow for more accessible donations and seamless transactions
2. Mobile Giving - Mobile applications that enable giving beyond traditional monetary donations can help increase engagement and support for charitable causes
3. Verified Charity Profiles - Implementing a verification process for charity organizations on a payment platform help build trust and enhance security for donors
Industry Implications
1. Finance - Payment platforms offering charity-focused payment features represent an opportunity for finance companies to expand their reach beyond traditional transactions
2. Technology - Development of mobile applications and platforms for charitable giving represent an opportunity for technology companies to innovate in the space of mobile giving
3. Non-profit - Non-profit organizations can benefit from utilizing payment platforms with charity-focused payment features to increase accessibility and ease of use for donors