Williams-Sonoma and Venmo recently announced a new partnership that will take effect in early 2018, making it possible for customers to use their Venmo digital wallet to pay for items on bridal registries. It has been described that users will be able to make use of money already within their Venmo account or alternatively, route the charges through their connected bank account, which will help with paying for some of the more expensive items that can be found on a registry.
The partnership is set to appeal to younger audiences, as many users rely on Venmo to send payments to friends and family, or split costs easily with one another.
Retailers are experimenting with an array of alternative forms of payment, which has seen the integration of everything from cashless systems to QR codes.
Digital Wallet Retail Payments
Williams-Sonoma and Venmo are Partnering for a New Payment Program
Trend Themes
1. Digital Wallet Payments - Digital wallets will replace traditional payment methods as more retailers partner with payment providers like Venmo for seamless transactions.
2. Bridal Registry Integration - More retailers will integrate their bridal registries with digital payment platforms to streamline the checkout experience for wedding guests and couples.
3. Alternative Payment Methods - Retailers will continue to experiment with alternative payment methods such as cashless systems and QR codes to improve the customer experience and increase convenience.
Industry Implications
1. Retail Industry - The retail industry can benefit from partnering with digital payment providers to attract younger audiences and improve the checkout experience for all customers.
2. Payment Industry - The payment industry can capitalize on the growing trend of digital wallets and partner with more retailers to provide seamless and secure payment options.
3. Wedding Industry - The wedding industry can benefit from integrating their registries with digital payment platforms to make it easier for guests to purchase gifts and for couples to receive them.