How does Venmo make Money ?

How does Venmo make Money ?

How does Venmo make Money ? Here’s the Top 10 Points about it. Literally, all you need to know :-

  1. Venmo is a payment gateway targetted towards the Millennials of the US.
  2. It is a payment gateway which had the intention to take a P2P transaction and tuen it into an experience. They did this by integrating Social Media into their Payment Gateway. People literally share their transaction on social media using Venmo.
  3. Venmo is FREE for peer-to-peer transactions if you refill the wallet from your Bank Account.
  4. Although it does charge 3% on Credit Card Payments made by the users to refill the wallet
  5. In comparison to its Parent Company PayPal, it is 0.1% costly when it comes to Payments made using Debit/Credit Card. As Paypal charges you 2.9% when you do a similar transaction.
  6. Making Money from their Customers isn’t really a matter of concern for Venmo. They have officially declared that they don’t make any Money out of Friend-to-Friend payments.
  7. However, they work with a number of Businesses that accepts Venmo as a Payment. And in turn of their integration with Venmo, it charges these Businesses a small amount out of every transaction. ( The exact percentage although has not been shared publicly )
  8. Venmo is targetted only towards the younger generation of US who are under the age of 30.
  9. Apart from making money, Venmo is a great beneficial Strategy for its parent company Paypal. With popularity of Venmo, more and more merchants are expected to join, thereby helping PayPal to acquire additional Merchants.
  10. While Venmo reports Zero Revenue , trying to solve how does Venmo make money . Its parent company made $3239 Million in 2017.

Dibakar is India's First Conversion focused Digital Marketer. Owner of the Best Digital Marketing Company in Kolkata , India.

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