The market share of Venmo in the United States was significantly higher than most other countries in the world. This according to estimates based on website tracking and the technologies used within them, focusing solely on Payment Acceptance and Payment Processing. Note that the percentages, especially, are estimates due to categorization. Nevertheless, it provides an insight in the high use of Venmo in the United States but also the importance of the mobile payment brand in, for example, Latin America. According to estimates, nearly four percent of merchants in Venezuela with at least one Payment Acceptance or Payment Processor technology up until February 2024 had Venmo on their website.
FAQs
Which country uses Venmo the most? ›
The market share of Venmo in the United States was significantly higher than most other countries in the world. This according to estimates based on website tracking and the technologies used within them, focusing solely on Payment Acceptance and Payment Processing.
How many merchants use Venmo? ›Venmo is already accepted by more than 2 million merchants, with more joining all the time. Meet a few of our partners and hear how we help them succeed. “We love the social aspect of Venmo and the organic visibility it offers.
Why don t businesses use Venmo? ›Although Venmo does have a separate business app, they currently charge a non-refundable 1.9% plus $0.10 fee per transaction. Furthermore, Venmo for Business cannot integrate with most other popular business tools and has no ability to accept gratuities.
Who is Venmo's biggest competitor? ›Top Competitors and Alternatives of Venmo
The top three of Venmo's competitors in the Payment Management category are PayPal with 35.83%, Stripe with 33.60%, Adyen with 10.05% market share.
Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2013. Venmo is aimed at users who wish to split their bills. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States.
Does Venmo work everywhere? ›How can I send money internationally with Venmo? Venmo cannot be used to send money overseas. It is only available for domestic money transfers or payments in US dollars within the United States. There are, however, plenty of alternatives if you need to send or receive money internationally.
Does PayPal or Venmo have more users? ›PayPal is the most popular digital payment app
PayPal is by far the most popular digital payment app. Among respondents who use digital payment apps, 85% use PayPal. Cash App is the second most popular among digital payment apps, followed by Venmo and Zelle.
Venmo's IRS 1099-K tax reporting requirements only pertain to payments received for sales of goods and services and DO NOT apply to friends and family payments. For the tax year 2023, the IRS will require reporting of payment transactions for goods and services sold that exceed $20,000 and 200 transactions.
How many people use Venmo in 2024? ›2023: Anticipated to reach 85.1 million users, a 9.5% rise. 2024: Growth at 7.2%, totaling 91.2 million users. 2025: An increase of 6.5%, reaching 97.1 million. 2026: A landmark moment as Venmo crosses 100 million users, with a 5.4% annual uptick.
Who is the target audience of Venmo? ›Venmo has successfully captured a younger demographic, with over 83% of Venmo app users falling under the 18 to 34 age bracket. The brand mainly uses social media to communicate with its Millennial and Gen Z audience on Instagram, Twitter, and TikTok.
What is better than Venmo? ›
The best app for sending money depends on your specific needs and preferences. Some popular options include PayPal, Cash App, Chime Pay Anyone, and Zelle, among others, each with unique features and benefits. Be sure to compare these Venmo alternatives and choose the one that best suits your requirements.
What is the downside to Venmo? ›Its ease of use and lack of service fees make the app a profitable alternative to usual bank transfers. However, Venmo is not without its drawbacks, including security concerns, fees for certain transactions, and privacy issues. As such, it's somewhat inefficient for instant money transfers.
Why to stop using Venmo? ›Venmo lacks the features essential to help manage your business. The biggest objection many users have to Venmo for Business is that it doesn't integrate with popular accounting software and other apps that most service providers need to run their daily operations. The idea of app-jumping is annoying.
Is Zelle better than Venmo? ›Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .
What countries don t allow Venmo? ›Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message.
Is Venmo big in Europe? ›Venmo is a money transfer tool that works for simple payments within the US such as bills or to transfer money between friends. Unfortunately, it cannot be used for international transfers or if you are located outside the US.
Will Venmo work internationally? ›While Venmo is a handy and super popular way to send and receive quick payments to others in the US, it's not available internationally. You can't get an account if you're not in the US, you can't send money overseas, and if you have an account already you won't be able to access it when you travel internationally.
Is Zelle or Venmo more popular? ›According to a report from eMarketer, Zelle may overtake Venmo users later this year, growing by more than 73%. Although fairly new to the market, the bank-backed application has leapfrogged the early stages of adoption.