eBay is rolling out Venmo, a new payment method that will soon be available to their shoppers in the US. Venmo has a user base of over 90 million people. This mobile-first platform is specifically designed for modern consumers who prefer such experiences. In fact, 28% of Venmo users fall into the Gen-Z and Millennial age groups of 18 to 29 years old.
More than 60% of people conduct eBay transactions using mobile devices. This makes Venmo a perfect fit for tech-savvy shoppers who value a quick and seamless checkout process. By linking their Venmo account to their eBay account, buyers can skip the hassle of manually entering payment details for future purchases. Additionally, after making a purchase with Venmo, buyers have the option to share the payment on the Venmo feed. This helps spread awareness about the convenient payment method.
Venmo is the second-most popular online payment method in the US, right after PayPal. It’s accepted by over 2 million companies, including big names like Hulu and Uber Eats. However, it’s important to note that some people have raised concerns about the safety of using them as a payment method. While they employ bank-grade encryption and two-factor authentication, there are still potential vulnerabilities that scammers can exploit. In fact, the US government has even debated whether to subject Venmo, along with Apple and Google, to the same level of federal oversight as traditional banks.
Interestingly, nearly half of digital wallet users have cited convenience, rewards, and loyalty programmes as the main reasons for switching from traditional bank cards. Surprisingly, only 4% of surveyed users prefer digital payments solely because of the speed of checkout, contrary to eBay’s prediction.
