Venmo continues to gain momentum in the mobile payments space
Venmo may be the next big thing in mobile commerce. Venmo is owned by PayPal and is well on its way to becoming a very powerful and influential mobile commerce application. The app was launched less than two years ago and has already managed to reach the same level of transaction volume as Starbucks’ own mobile commerce application. Venmo has managed to win favor with consumers due to its convenient nature and its peer-to-peer, social features.
PayPal may be able to retain mobile commerce dominance with the help of the Venmo application
PayPal has held a strong place in the mobile field for some time, but the company has been struggling to retain this position recently. This is due to the growing number of large companies that are entering into the mobile commerce space and finding success with their platforms. Venmo may help solidify PayPal’s mobile dominance, however, especially as it continues to be successful with consumers. Many consumers favor Vendo because it is, essentially, a mobile friendly version of PayPal itself, allowing them to manage their money and spend or transfer it in any way they see fit.
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Venmo thrives by promoting social commerce
Venmo is designed to be “viral” in nature, serving as a peer-to-peer payment application with strong social networking features. The social aspects of the application have been particularly well received among its users, exposing them to the idea of social commerce. Social commerce is the combination of new commerce services with social networking, making it easy for consumers to connect with one another and share their purchases. Venmo also allows people to “bill” their friends, making money transfers and other such services more convenient.
Consumers show favor for the social aspects of new commerce
The popularity of Venmo has yet to show signs of slowing down. The application may soon become one of the most successful platforms of its kind in the mobile commerce space, rivaling other high profile applications. Venmo is likely to continue gaining popularity because of its social features, as consumers have expressed a demand for new social commerce platforms.