When 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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