App-a-Day: Venmo

By Andy Feng on May 28, 2015

 

Happy Thursday everyone and welcome back to App-a-Day, the blog series where I profile and introduce a new mobile app everyday for your reading pleasure.

 

 

Today’s app is a payment/wallet app called Venmo. Venmo is one of the quickest and easiest ways to pay friends using nothing but your phone. The app is designed to simplify the process of p2p mobile payments and is entirely free to use with your debit card or bank account. Venmo is great for paying friends when sharing a bill, for times you forgot your wallet, or for anytime you need to pay another individual in general... This app basically takes away all your excuses for not paying someone back.. Thanks a lot Venmo...

 

 

Founded in 2009 by former UPenn roommates Iqram Magdon-Ismail and Andrew Kortina, Venmo was a huge success right off the bat and within only five months from launch, gained enough popularity to be acquired by Braintree, a major payment processing service, for $26.2 million.  That turned out to be a great move as Braintree was later acquired by eBay’s PayPal in 2013 for a whooping $800 million, making PayPal the owner of Venmo instead of its main competitor.

 

 

Today, the p2p payments game is already swimming with competitors, with new high-roller players like Facebook Messenger and Google Wallets vying for their own piece of the multi-billion dollar payments pie. Not to mention the growing influence and acceptance of cryptocurrencies like Bitcoin (or some may argue Dogecoin?...), slowly but surely coming into the picture.

 

 
 

Wow. 

Nonetheless, The Venmo app has cemented its position on consumer’s phones mainly due to the incredible success it had with initial market penetration. It’s actually really simple... If I use Venmo and all my friends use Venmo to pay each other, then if I happen owe you money and you want that money to be paid back in a quick and efficient manner, go download the Venmo app..

 

 

Services like Venmo make it easier for you to pay others but more importantly it makes it a lot easier for others to pay you! Now that’s what I call a killer value proposition. Do you wanna be paid? Yes? Ok, get Venmo. (or you can carry around an ATM machine on your back everywhere you go, that’ll probably work too… But I’m guessing that’s not something Lucas would do. #Wompwomp..)

 

 

 

PS: In case you’re bored, google “Lucas uses Venmo”..