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On Thursday, July 12, Uber and Venmo, which is owned by PayPal Inc. (PYPL) - Get PayPal Holdings Inc. Report , announced that they were teaming up to make customers' lives easier.

Customers will now be able to pay for Uber rides and Uber Eats through their Venmo accounts. 

The press release announced that customers will not face any additional fees for using the Venmo app.

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"Adding Venmo as a way to pay within Uber and Uber Eats furthers our mission to provide a seamless way to pay for the services that matter most to our customers," said Bill Ready, chief operating officer, PayPal.

The press release did not specify when users can expect the service to be available.

Upon news of the partnership, shares of PayPal jumped more than 2% to $88.25. Over the past year, PayPal shares have soared more than 54%.

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