The Young and Dynamic Social Network of Spending
Venmo ranks as one of the most popular P2P payment services in the United States. 50% of Venmo users are millennials, ages 25 to 34. 82% of Venmo users have an Instagram account, and 40% of Venmo users have Twitter. It’s no wonder then that Venmo’s social feed helps influence consumers to make a purchase based on friends’ recommendations.
78% of Venmo users would share information about a merchant after a purchase. 40% would take action after viewing the feed, including asking their friends about a purchase. 82% would consider making a purchase after seeing a retailer mentioned by someone on their Venmo feed.
If you’re a merchant looking to leverage the social influence and spend of this young and dynamic network of consumers, you’ll be pleased to learn that — online and in-store — Citcon offers one simple integration for all mobile payments — including Venmo and 100+ other mobile wallet providers, with free setup and easy onboarding.
Why Venmo for Business?
- Merchants looking to gain a competitive edge, expand into new markets, and eliminate friction from the customer experience should consider accepting Venmo payments.
- There are over 60 million Venmo users. Most Venmo users have a high school or college degree, and have incomes ranging between $100,000 to $249,000.
- In Q2 of 2020, Venmo’s net payment volume amounted to 37 billion U.S. dollars, representing a 52 % year-on-year growth.
Isn't Venmo Just for P2P Payments?
While Venmo got its starts as a P2P payment service, the company (owned by PayPal) has since introduced business functions. In fact, Venmo is already accepted by more than 2 million merchants, with more joining all the time.
How Can I Accept Venmo Payments in My Store?
With Citcon, it’s easy for merchants to start accepting Venmo payments in-store. That’s because Citcon offers full-stack payment solutions — static QR, mobile app, standalone device and POS integration to support all your in-store payment needs. Best of all, there is no setup fee.
To start accepting Venmo payments in your store, call 1-888-254-4887 or email firstname.lastname@example.org today.