Competitor Profile: Venmo 2024

Founded in 2009, Venmo initially allowed users to send money via SMS. In late 2010, a Venmo app was launched. This was initially a payment service that focused on P2P payments and simple purchase transactions, such as payments to food trucks. Over the years, Venmo has expanded its use cases, allowing users to make payments to a wider range of merchants both online and offline via Venmo. Users can top up their accounts and link their app account to their bank account, as well as their credit cards and debit cards. Currently, more than 2 million merchants accept Venmo as a payment option. Venmo was acquired by Braintree for $26.2 million in 2012, before the latter was purchased by PayPal in December 2013. Venmo now operates as a subsidiary of PayPal.

From April 2021, Venmo users were able to buy, hold, and sell select cryptocurrencies via the Venmo platform. In April 2023, Venmo launched Crypto Transfers, enabling users to transfer cryptocurrencies to other Venmo users, PayPal wallets, and other mobile wallets. In May 2023, Venmo introduced Teen Account for children between 13 and 17 years of age along with a complementary Venmo Debit Card. In October 2023, Venmo launched a gift card solution with the Venmo app, allowing users to send and receive gifts on special occasions. In the following month, it introduced Venmo Groups, allowing customers to split their expenses among group members.

The report provides information and insights into Venmo including :

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• The company's important events and milestones

Scope

• In July 2016, Several new features on Venmo move out of beta.
• In October 2017, Venmo mobile payment app goes live in the US.
• - In July 2020, Venmo introduces QR code payment acceptance across 8, 200 CVS retail outlets in the US.
• In May 2023, Venmo launches Teen Account for children between 13 and 17 years of age with a complementary Venmo Debit Card.
• In March 2024, PayPal makes its Tap to Pay feature available for Venmo’s partner merchants in the US, enabling them to accept contactless cards and digital wallets directly on iPhones.

Reasons to Buy

• Gain insights into Venmo business key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.