What is Venmo? Venmo Review

1. About Venmo

Venmo is an e-commerce company located in New York City, New York, USA. Venmo has established a platform for small payments. Through its simple operation and strategy of combining social network services, Venmo has grown rapidly among young people in the United States. According to estimates, Venmo handled a total of US$700 million in transactions in the third quarter of 2014 (Q3), which is about 50% more than the previous quarter.

It helps you easily pay back money when you don't have cash. Venmo is like a mini social network where you can see other people paying each other and communicate using fun emojis.

2. Venmo Ranking

In April 2016, Apple selected the top ten apps for iPhone, and Venmo ranked fifth.

User Groups

A survey by innovative design company Tallwave shows that convenience is the primary reason for many American consumers to adopt mobile payments. Two-thirds of the respondents said they had used PayPal's mobile app, and 37% had used Venmo. Venmo is especially popular among young people. According to Tallwave statistics, 25% of people under the age of 24 use this app, and they mainly pay for friends.

Development History

-In 2009, founders Magdon-Ismail and Kortina founded Venmo.

-In 2012, Venmo was acquired by Braintree for $26.2 million and continued to operate independently.

- In 2013, eBay acquired Braintree for $800 million and merged it into its PayPal division. As a result, Venmo went from being an isolated competitor to a member of the umbrella of online payment giant PayPal.

-In the third quarter of 2014 (Q3), Venmo processed a total of $700 million in transactions, about 50% more than the previous quarter.

-In April 2016, Apple selected the top ten apps for iPhone, and Venmo ranked fifth.

-In 2016, Venmo completed $18 billion in transactions, reaching $5.6 billion in the last quarter, a year-on-year increase of 126%.

-In October 2017, PayPal launched the Pay with Venmo service. Since its launch, the service has cooperated with more than 2 million merchants, allowing users to pay for online purchases using Venmo's app balance, bound bank cards or accounts. By cooperating with merchants, Venmo can earn a handling fee of 2.9% + $0.3. Since its launch, 17% of Venmo users have participated in this charging experience.

-In 2018, PayPal's Q2 financial report showed that the payment volume processed by Venmo reached US$14.2 billion, continuing to grow, up 78% from the same period last year.

-In 2018, Shopify has added the Venmo checkout feature for US merchants using the PayPal Checkout service, allowing users to complete purchases through Venmo directly in online stores with just a few clicks of their fingers.