Mobile Payments App Venmo to Provide Merchants Ways to Reach Highly Social Millennials via its

News Highlights: Mobile Payments App Venmo to Provide Merchants Ways to Reach Highly Social Millennials via its.

The team at Venmo, a mobile payment service created by PayPal, notes that their platform began as a social peer-to-peer payment tool for friends and family members to share their meal or share an “unforgettable experience.”

The Venmo team confirms that several years ago they extended the use of their platform to the merchant community, giving them the option to choose Venmo at checkout to “create a fast, simple and seamless experience”.

Venmo management also said that during this time the community has grown to more than 65 million consumers who are interested in making Venmo “a bigger part of their daily spending.” For sellers looking to engage with Venmo’s ‘highly social and engaged audience’ and discover a way to beat the competition, the time has ‘never been better’ based on general demand, current market conditions and growing customer interest in transactions with the Venmo app, the company claims.

A recent survey of Venmo customers shows that nearly half or 47% of customers want to use Venmo as a payment method when checking out with merchants (ranging from merchants in everyday spending categories such as groceries to providers of clothing, shoes and fashion wear). The data and related survey found that nearly 90% of customers “prefer to pay with Venmo because they trust the brand, it’s easy to use, and because it allows them to split transactions.”

Such as noted in a Venmo blog:

“Another benefit for merchants is access to Venmo’s growing millennial customer base. Millennials are a hugely important audience as they are quickly becoming the dominant population, especially in the US, with the most spending potential. According to data released by the Census Bureau earlier this year, more than half of the country’s total population is now Millennials or younger. When we look at the Millennial and Gen Z populations together, they came to 166 million consumers. “

Venmo further notes that millennials are a major demographic of social media networks. Of the Venmo customers surveyed, about 53% said they spend more time on social media apps such as Facebook and Instagram since the start of the COVID-19 pandemic and “most expect to continue their current level of use of social platforms in the next six months.” Venmo aims to provide merchants with a way to “reach this highly social audience through the Venmo social feed, rewards, payouts and more.”

More than 2 million merchants currently offer customers the option to pay through Venmo during checkout. Vendors such as Lyft, Uber, TicketMaster, StitchFix, StockX, Hulu, Pottery Barn, Freshly, Amtrak, and GoPuff are now part of the Venmo community.

(Note: In October last year, the Venmo team had completed a survey of 2,217 US Venmo customers to get “a real-time account of how their demographic, financial and purchasing behavior has changed over time and how Venmo can help them adapt to the new normal. ”The survey was“ administered through Focus Vision. ”The responses are“ weighted to ensure representation of the Venmo population based on age, income and regional distribution across the US “)

Via: www.crowdfundinsider.com

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