"When you think PayPal, you think trusted, safe, secure, and dependable. And then you've got Venmo, which is this huge, culturally relevant brand. Few brands have the benefit of being a verb, and we take that very seriously. College sports was ultimately disrupted when this ruling came down that requires universities now to pay student athletes for using their name and likeness."
"For us, already being on campus, and Venmo being the way that athletes and students pay for all everyday expenses, it was a no-brainer for us to engage the largest conferences and look for a safe way to process and make those payments to student athletes. We're talking tens of millions of dollars that are going through the system now to young athletes that maybe haven't seen that kind of money."
"Venmo is helping to pay college athletes amid the NCAA rules change, said Amy Bonitatibus, PayPal's head of corporate affairs. The alignment gives Venmo an opportunity to promote its services to other college students and alumni. PayPal is also exploring agentic commerce as artificial intelligence changes shopping behavior. Bonitatibus has been at PayPal since May, 2024 and held previous leadership positions at Wells Fargo and JPMorgan Chase."
Venmo is facilitating payments to college athletes following an NCAA ruling that allows universities to pay athletes for name and likeness. The platform is processing tens of millions of dollars to student athletes and aims to offer financial literacy to recipients. Venmo's campus presence creates opportunities to market debit cards to students and alumni and to deepen brand loyalty. PayPal is investigating agentic commerce as artificial intelligence changes shopping behavior and could enable more autonomous, personalized transactions. PayPal's trusted payments positioning complements Venmo's culturally relevant, verb-like consumer brand.
Read at Business Insider
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