According to BlockBeats, PayPal is set to collaborate with Venmo to introduce PayPal World, a platform connecting the world's largest payment systems and digital wallets. Initial partners include Mercado Pago, NPCI International Payments Limited (UPI), and Tenpay Global.
PayPal World is expected to launch this fall, enabling interoperability between all partners, PayPal, and Venmo. The platform aims to support future interoperability among partner wallets, thereby expanding cross-border coverage and acceptance. Utilizing open commerce APIs, PayPal World addresses the complexities of cross-border commerce through a cloud-native, multi-region deployment architecture, ensuring low latency and high availability globally. The platform offers robust security features, creating an environment free from device and technology limitations for all partners.
Venmo, a U.S.-based mobile payment service company founded in 2009, has been owned by PayPal since 2013.