American Express Partners with PayPal, Venmo for New "Split It" Feature
American Express and Paypal logos

American Express Partners with PayPal, Venmo for New “Split It” Feature

There’s no doubt that the advent of peer to peer (P2P) payment apps has made it easier for friends and family to split dinner bills, reimburse each other for gas money, and much more. Nevertheless, as simple as services such as PayPal, Venmo, Square Cash, and others make the process, increasingly integrations have made them even more convenient. The latest example of this comes from American Express who recently rolled out a new feature for PayPal and Venmo users.

AMEX transaction with Spit It option screenshot

As of this week, American Express customers can request money from friends and family right from the Amex app. To do this, cardholders will first need to link a PayPal or Venmo account. Then they’ll be able to tap the “Split It” option that displays on any given transaction, select their linked account, enter which contacts to send requests to, and review the request to finalize. Additionally, while Amex will automatically split shares into equal parts, users can adjust the transaction total by added 15%, 18%, 20%, 25%, or customizing the total.

Users will be able to track their requests from the Amex app as well. If requests are fulfilled, funds will be deposited into the user’s linked Venmo or PayPal account. This means that cardholders will still need to pay the full amount on their statement. On the bright side, they’ll also still get to keep the full rewards that their purchase entitled them too.

This latest feature is seemingly the result of an “expanded strategic partnership” between PayPal and American Express that the two companies announced nearly one year ago. In a press release at the time, PayPal president and CEO Dan Schulman said, “This partnership is the product of our companies’ strong commitment to create innovative payment experiences that utilize both organizations’ core assets, including the ability for customers to pay with American Express Membership Rewards points and the integration of peer-to-peer payments into the Amex app.” Meanwhile Amex chairman and CEO Stephen Squeri expressed similar sentiments, stating, “This strategic partnership with PayPal will open up the use of Membership Rewards points at more small and medium-sized businesses than ever and make peer-to-peer payments more seamless for Card Members.”

Although the “Split It” feature may be a relatively small feature, it could also certainly come in handy. As much as post-meal Venmo sessions have become tradition, some things do slip through the cracks. Therefore having the ability to follow-up when reviewing your transactions makes a lot of sense. On top of all that, it’s good to see PayPal and Amex continuing to deepen their relationship. Perhaps the two companies will come up with some more surprises for users in 2020 and beyond.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...