Coolest Brands 2016: Venmo

If You Don’t Venmo, You’re So Old

  • Philip Ryan
  • February 16, 2016
  • 2

© Can Stock Photo Inc. / creatistaWhen you borrow money from someone, how do you say you’ll pay it back (even if you don’t mean it)? There is a “Venmo line” — Paypal CEO Dan Schulman placed it around age 30 — which divides those who Venmo (verb) and those who do not. Why is Venmo, which is owned by PayPal (don’t tell the kids), a cool brand? Just look at how marketers of other companies use it — “We’re the Venmo of x” — see also Uber.

“Venmo” means something to millennials. It means easy, fun, and cool, and everyone wants a piece of that. In a few years we may see Venmo take over the entire PayPal brand. Venmo transactions are currently a miniscule portion of overall PayPal money transfers at 2% or thereabouts, but it’s not all about volume — there’s also image to consider. “PayPal, brought to you by Venmo” — now that’s cool.

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Philip Ryan is Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism. He can be reached at pryan@royalmedia.com.

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If You Don’t Venmo, You’re So Old

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