Venmo started as a fun way for peers to pay one another, but it’s quickly becoming the payment method of choice at retailers too.
Venmo has become a household brand – it’s the brand consumers trust when paying friends and family, and now they want retailers to use it too. While contactless payment options are more available than ever before, consumers don’t trust all of them, but Venmo is an exception.
Venmo Has an Incredible Following
Over 65 million people use Venmo to send and receive funds. Much of the audience is the younger generations, but it also includes affluent and educated older generations who’ve embraced contactless payments today.
Venmo users love the versatility Venmo offers including splitting the bill with family and friends. It’s a natural transition to use it to pay retailers, especially in restaurants when out with a group, and splitting the bill always causes that award silence everyone hates.
Consumers Want to Change Their Habits
At the start of the pandemic, consumers shopped mostly online as many retailers were closed while the entire country was shut down. The trend continued for a while, but slowly, retail trends indicate that consumers are shopping in-store again.
When they do, they want options to stay safe and that includes contactless payment options, of which Venmo is a top choice.
Since consumers are already comfortable with it, they don’t have to learn a new platform or discover if it’s safe or not. They know Venmo is safe. With consumers able to add funds to their Venmo account and/or pay their balance over time, Venmo is quickly the most popular choice.
What Troubles Would Retailers Face?
While consumers are on board with paying for retail purchases via Venmo, the platform itself isn’t quite ready.
While some retailers use Venmo, they are few and far between. It’s primarily a peer-to-peer app that doesn’t need to consider taxes or fees. With the onslaught of changes accepting retail payments would offer, Venmo’s platform would have to change considerably to handle the pressure of accepting retail payments.
Why is Contactless Payments so Popular?
As the pandemic continues, consumers want contactless payment options. It creates the best of both worlds for consumers – they can shop safely, in person, and not have to worry about touching shared devices or even exchanging payment with the cashier.
The more hands-off the shopping experience can be, the better off we’ll be in the end. Not using cash and using phones to pay is the epitome of cashless spending. You can check out with ease, shop in person, but not have to worry about the risk the virus poses with shared devices.
Will Venmo Jump on Board?
The jury is still out if Venmo will become the way of the future. But one thing is for certain, all consumers want contactless credit card processing systems. Whatever you can do to make that happen in your store will help increase your sales.