Millennials and Venmo

13. August 2018.

Enter Venmo, PayPal’s less formal, mobile “peer-to-peer” payment app that allows for quick transfers of money between family and friends. Its convenience and accessibility makes it perfect for Millennials and younger generations who want to make casual transactions, like paying back a friend for lunch or a ride.

Another benefit of Venmo for users is that there are no transaction fees, while PayPal charges a 2.9% fee for all debit and credit card transactions.

Regarding Venmo’s Millennial demographic, PayPal CEO Dan Schulman stated in an interview with “Mad Money” host Jim Cramer, “It’s very important to them if they have their own independence, and these apps like Venmo are incredible powerful in helping and empowering them take care of their financial health.”

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