Venmo: A Mobile Payment Service Targeted at Millennials in the US
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Case Code: BSTR577 Case Length: 13 Pages Period: 2010-2019 Pub Date: 2019 Teaching Note: Available |
Price: Rs.400 Organization: Venmo, LLC Industry: - Countries: US Themes: Mobile Payment, Peer-to-Peer payments, Millennial payment, Digital payments, Social Media, Financial Inclusion, P2P payment transfer system, Mobile Payment Service |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In October 2018, US-based mobile payment service Venmo, LLC (Venmo) touched US$ 200 million in revenue, a growth of 29% over the previous year. Launched in early 2009, Venmo had started with a funding of US$100,000 from four investors. In April 2009, the company launched its peer to peer (P2P) payment transfer system that allowed people to send small amounts of money to their friends through a text message. In late 2009, Venmo launched its iPhone app that enabled users to pay multiple people, tag other users, and update Touch ID authentication, Emoji autocomplete, and in-app notifications. In July 2010, the company launched its services in Android applications. Describing the intention of the company, Iqram Magdon-Ismail (Ismail), Co-founder, Venmo, stated, “The phone is the ultimate payment platform. We want to keep payments among friends free.” Over the years, Venmo grew and added some innovative products and services like Venmo Touch, Custom Emojis, Venmo codes, and new physical debit cards in order to provide a better customer experience to its target group – young millennials...
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