Paying friends for lunch is simple these days thanks to a number of peer-to-peer (P2P) apps. Among the most popular are Venmo and Square Cash despite other options like Facebook Messenger payments. Venmo is the most social, making it fun as well as convenient.
In a survey, Morning Consult validates Venmo’s popularity with the 18-29 age group relative to other demographics. While 43% of the young use Venmo, only 6% of those in the 55-65 age group and 2% of those 65+ do. If Facebook is any guide, the network effect could sustain Venmo’s growth for years as parents and grandparents follow their children and grandchildren into the new world.
But could this trend change? Facebook started off as a college social networking site that has since grown to represent the broader population. Venmo has similar potential and the possibility of becoming popular with other age groups. This is all the more true considering PayPal’s efforts in building additional features such as “Pay with Venmo” and its on-boarding of vibrant merchants such as Poshmark, Munchery and Lululemon that accept Venmo Payments.
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