Venmo Reaches Small Business Milestone
Posted Aug 23, 2022
More Consumer Opt to Pay with Venmo
One of the contributors to Venmo’s growth is its commerce payment service which grew by a whopping 250% in the second quarter alone. This includes Pay with Venmo and Business Profiles, its small business offering that recently reached a milestone of 1.5 million businesses since launching just over a year ago.
A study on Venmo customer behavior found that out of more than one thousand consumers who made an online purchase over 2 weeks, 19% were more likely to complete a purchase with Venmo over traditional payment methods. Additional Venmo customer behavior includes:
- Venmo users skew towards being younger and more affluent with 67% of customers having a bachelor’s or higher degree.