The Gmail app on Android now lets U.S. users receive or request money as an email attachment, Google said in a blog post. It has no fees, and can work even if the payor or payee doesn’t have a Gmail account, according to Google.
The feature was already available on web browsers in some areas. But Tuesday’s new feature challenges Venmo’s dominance in mobile.
Venmo, a mobile peer-to-peer payment app and social network, is one of the main drivers of growth that keeps PayPal the top person-to-person payments vendor in the U.S., according to analysis by S&P Global Market Intelligence. Venmo processed $5.6 billion in payment volume in the fourth quarter, an increase of 126 percent, the company said in an earnings report.
PayPal declined to comment, citing a policy against commenting on stock price moves.