In 2009, Venmo was launched to the market as a peer-to-peer mobile payment provider.
Now, how many people use Venmo? We will be addressing this topic in this article. You will learn a lot about this payment app, who uses it, etc.
First, we will cover a little about Venmo. The original intention was to create a simple service for sending and receiving money between parties.
Since its launch, Venmo has been purchased by Braintree and is now part of the PayPal family. PayPal is considered Venmo’s parent company.
Let’s talk about this P2P mobile payment service.
How Many People Use Venmo in 2022?
Data from the fourth quarter of 2021 is the most recent available for how many people use Venmo.
Over 83 million people use Venmo.
More than 7 million of all Venmo users are between 18 and 24 years old.
Since its simple beginnings, Venmo has been reimagined, updated, upgraded, and now offers new features that appeal mostly to the millennial crowd.
The interest among millennials has given new life to this app, as they transfer cash amongst each other.
Who Uses the Venmo Service?
Now that we know how many people use Venmo, we will cover who uses the Venmo service.
According to data from between May 2019 and May 2020, almost 30% of Venmo’s user base is from the United States.
That’s a big boost since 2017 when more than 80% of Americans weren’t using the service.
The age 2017 demographics data reveals that around 3.3 million represented the 18- to 24-year-old group and 4.1 million were between 25 and 34 years old.
From the 35- to 44-year-old age demographic, 1.4 million use the service, and 0.7 million is held by both the 45 to 54 and 55 plus age groups.
Therefore, the biggest age groups of Venmo users fall within the 25 to 34 demographic, followed by the 18 to 24 demographic.
The simplicity of sending and receiving cash is why the Venmo app is so popular among millennials.
Since the younger generations are using their iOS and Android smartphones more, it’s even easier to transfer money back and forth.
What Are Some Upsides and Downsides of Using Venmo?
We want to discuss the benefits and the disadvantages of using Venmo in relation to how many people use Venmo for transactions.
There are several upsides and downsides of using Venmo, no matter what your age group.
Venmo doesn’t charge any monthly or annual fees. Other than credit cards that do charge a 3% fee like all payment apps do, sending money from your debit card, Venmo balance, or your bank account is free.
You also pay no fees to receive or transfer money from the app to your bank account unless you choose the instant transfer feature.
Fast and Convenient
As we mentioned, the ease of use plays a major role in Venmo’s popularity.
You can easily download and start receiving and sending money within minutes from the service.
Withdrawing money from your Venmo account will take between one to three business days, which is the standard among payment apps.
Using the instant transfer options comes with a 1% fee.
Some apps use Venmo at their checkout. Apps and sites like Hulu, Foot Locker, Uber, Poshmark and GrubHub are a few that allow you to pay with Venmo.
Therefore, if you’re shopping at one of the businesses that accept Venmo, you can speed through the checkout lane.
Your Venmo app can be connected with your social media to engage with others. Not everyone chooses to connect their social accounts, but some users think it’s fun.
Debit and Credit Cards
If you become a frequent user of Venmo, you may find it even easier to get a credit or debit card from the company.
The Venmo Debit Card is naturally connected to your Venmo balance. There is no annual fee for this card. You may also enjoy the perks of cash-back from select stores.
The Venmo Credit Card also comes with no annual fee and certain rewards. It offers a variety of rewards and cash back according to the categories in which you spend.
As with all payment apps and services, Venmo also has a few downsides. Here is what we discovered.
Default Public Payments
By default, the payments you make are public, which means anyone using the app can see them.
While this doesn’t include the amount, your username and the recipient and user are attached with the message.
While you can change your settings to only allow visibility among your Venmo friends or just you and your recipient, some people don’t realize that their payments are so public.
International Transactions aren’t Allowed
You cannot send or receive money if you live outside the United States.
Scammers Love Venmo
Unfortunately, scammers love the Venmo app. The reason for this is the same one that there are so many users.
Because it’s easy to send and receive money. One of these scams is that a user will randomly send another user $500 and then ask to have it sent back.
This scam is related to credit card fraud, so even after you send back the money to the sender, once the activity is reported, Venmo will take $500 from your balance, so you lost money.
No Payment Cancellations
Once you send money or make a payment, there’s no turning back on Venmo. You cannot cancel your payments.
The recipient can send back the money if you ask, or ask Venmo to reverse the payment, but that can also only happen if the recipient agrees to it.
As you can see, there is much more to know about this payment app besides how many people use Venmo in 2022.
You also need to know how the app works, its pros and cons, and who uses the service.
We have provided this all in the article for our readers. We hope you have found this information relevant for your purposes and that you can determine whether Venmo is for you or not.
Do you use Venmo already? Have you ever gotten random money sent to your account as part of a scam?
Would you recommend Venmo? What do you think Venmo needs to do to make their app better?