SEPTEMBER 30, 2016|FINANCIAL SERVICES
The Truth About How People Use Venmo
For anyone over 30, the popular mobile payment app Venmo is something of an enigma. Why would anyone share who they give money to and why in a social network?
Yet the platform is the defacto method of payment for millennials in the US and processed $4 billion in person-to-person payments in the second quarter of 2016. This fascinating study from LendEDU looks at hundreds of thousands of posts to see what Venmo users say they are using the platform for. Food, rent, uber and drinks came out on top, and the study shared plenty more insights about popular terms, categories and quirks of Venmo users that make this worth a quick read.
The real insight buried in there is that the payment is not the point. The note attached to it is.
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How It All Started
A Short Backstory Of This Blog
This is a blog about non-obvious ideas. Originally launched on the Typepad platform in 2005 as the Influential Marketing blog, the stories at first focused mainly on digital marketing while Rohit worked at Ogilvy Advertising. In 2015 Rohit officially rebranded to the Non-Obvious Insights Blog and published his WSJ bestseller Non-Obvious. For the past twenty one years, this blog has coined new terms, introduced future marketing practices and inspired the next generation of non-obvious thinkers and marketers.
