Venmo started as a social peer-to-peer payments tool for friends and family to split a meal or share an unforgettable experience. Several years ago, we extended its use to our merchant community, offering them the ability to add Venmo at checkout to create a quick, simple and seamless experience. In this time, the community has grown to more than 65 million people who are looking to make Venmo a greater part of their everyday spending. For merchants who are interested in connecting with Venmo’s highly social and engaged audience, and find a way to rise above the competition, the time has never been better based on demand, market conditions and people's interest in transacting with Venmo.
Venmo Customers Want to Pay with Venmo at Merchants Because They Trust the Brand
According to a new study of Venmo customers, nearly half (47%) of customers are interested in using Venmo as a payment method when checking out with merchants, ranging from merchants in everyday spend categories like groceries to those offering clothing, shoes and fashion apparel. The data shows that 89% 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.
Unparalleled Access to a Millennials, Gen Z and a Social User Base
Another benefit to merchants is built in 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 U.S. - with the most spending potential. According to data released by the Census Bureau earlier this year, more than half of the nation’s total population are now members of the millennial generation or younger. When looking at millennial and Gen Z populations combined, they totaled 166 million consumers.
It's also no surprise that millennials are a primary demographic of social media platforms. Of Venmo customers surveyed, 53% report spending more time on social media platforms like Facebook and Instagram since the start of the pandemic and most expect to continue their current usage level of social platforms over the next 6 months. Venmo offers merchants a way to reach this highly social audience through the Venmo social feed, rewards, payouts and more.
A Growing Community of Merchants
More than 2 million merchants already offer consumers the ability to pay with Venmo at checkout. Merchants including Lyft, Uber, TicketMaster, StitchFix, StockX, Hulu, Pottery Barn, Freshly, Amtrak and GoPuff, are all a part of the Venmo community.
Methodology: New Venmo Behavior Study explores valuable insights for merchants to consider to reach a broader audience including Venmo customers’ financial habits, purchasing behaviors and perceptions of Venmo as a payments tool.
In October 2020, we surveyed 2,217 U.S. Venmo customers to gain a firsthand, real-time account of how their demographic, financial and purchase behaviors have changed over time and how Venmo can help them adapt to the new normal. Survey was administered through Focus Vision. Responses are weighted to ensure representation of the Venmo population by age, income & regional distribution across the U.S.