What a mobile payments app can teach marketers about reaching millennials
Venmo is becoming a must for Gen Y interactions. Here’s what a roundup of transactions suggest younger consumers are using it for—aside from buying pizza and beer.
More and more, millennials are using their phones for seemingly everything.
They also tend to gravitate toward certain brands or products for their ease of use.
Accordingly, PayPal-owned Venmo—a popular mobile payments app—has become an integral part of how younger consumers conduct monetary transactions.
In analyzing more than 500,000 Venmo transactions over the past year, LendEdu found some interesting purchasing patterns.
They start with this:
Venmo users are usually young and tech savvy.
In the past few months, have you heard someone say, “Venmo me”?
Researchers at LendEdu have, and they credit that catchy phrase—and marketability—to the app’s popularity among millennial consumers:
Venmo makes splitting bills and paying in groups frictionless. It’s so easy, that the app has become a verb for millennials.
For those who aren’t familiar with Venmo, here’s how it works:
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