Killing Venmo is going to be hard for Zelle when most Venmo users have never even heard of the new P2P service.
More than 93% of Venmo users reported that they had never heard of Zelle, according to a study commissioned by LendEDU conducted in July 2017. Additionally, over half of the respondents surveyed — about 63% — reported that they would not even try Zelle, the study of 500 Venmo users found.
The users of PayPal’s dominant P2P service had few qualms about how Venmo operates, the survey found, with over 60% of participants noting that withdrawals from the app were “quick and fine.”
Respondents were additionally happy with the security of the app, with over 78% of participants stating they were not worried about security issues.
Rival P2P app Zelle was launched in stages at the beginning of this year, and while Venmo users may not be all that excited about it, the service is gaining traction with bank users.
Bank of America customers, for instance, sent $18 billion in P2P payments using Zelle’s service during the bank’s second quarter. Venmo users sent $8 billion in payments during that same quarter for PayPal.
Take a look at the full survey here.1 - Reader Likes This Post