Payment service provider Venmo announced 50% growth and now has nearly 90 million accounts in Q2 2022. According to this milestone, nearly one in every 3.5 consumers in the US uses Venmo.
More consumers choose to pay with Venmo
One of the contributors to Venmo’s growth was its business payments service, which grew 250% in the second quarter alone. This includes Pay with Venmo and Business Profiles, whose small business product recently hit the 1.5 million business milestone since launching more than a year ago.
A study of Venmo customer behavior found that among more than 1,000 consumers who shopped online for more than 2 weeks, 19% were more likely to complete a purchase through Venmo, while Not a traditional payment method. Other Venmo customer behaviors include:
- Venmo users tend to be younger and more affluent, with 67% of customers having a bachelor’s degree or
- About 89% of consumers prefer to pay with Venmo because they believe in brand, ease of use and ability to split transactions with friends .
- Venmo is Venmo customers’ preferred method of tipping after cash and card when paying for services. About 93% of Venmo customers have personally tipped/tipped in the past 6 months, and 83% have tipped once a month. Individuals in the food, beverage and beauty industries are the most common recipients.
- Venmo and Small Businesses
In addition to being a peer-to-peer payment system Venmo also provides some additional payment methods for small businesses. Businesses that already accept PayPal can accept Venmo payments at no additional cost.
This mobile banking app is wildly popular because it makes it easy to split checks with friends and even give your roommates your share of rent with more to offer to small businesses. This includes fast processing and transaction security.
Using Venmo’s business profile, users can accept payment for the sale of goods and services from customers on Venmo. Business profiles are built for individuals or sole proprietors and registered businesses. They allow Venmo users to create separate Venmo profiles associated with their accounts to accept payments for goods and services.
Total payments processed by Venmo will be $230 billion in 2021, up 44% year over year. Venmo users make an average of five transactions per month, with an average transaction value of $60. Business Profile? Designed with your business needs in mind. By creating a business profile, you will have access to professional features such as enhanced payments.
Some of the benefits of creating a Venmo business profile include increased visibility of your business in Venmo feeds and touches – free payment options. It also offers an in-app photo gallery to showcase products and services, the ability to refund customers directly from the Venmo app, and the ability to enable tipping for payments your business receives.
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In the apparel and fashion industry, Venmo can increase unplanned purchases by up to 34%. In an analysis of more than 300,000 US consumers and more than 3.4 million transactions, Venmo users shop with average frequency Shoppers are more than twice as likely and 19% more likely to make repeat purchases.