For Most Millennials It’s (Still) Venmo or Nothing

Money payment apps have gained enough momentum to prompt banks to come up with their own millennial-focused money movement solutions.

But despite all the effort FIs put in duplicating the seamless experience of popular payment apps, millennials still seem to be sticking with Venmo, or skipping those apps all together.

In a report released last week, LendEDU — an online loan refinancing marketplace — found that about 35% of millennials do not use payment apps at all. That’s out of 2,170 U.S.-based millennials surveyed for the report. Of the 65% that do use  payment apps, more than two-thirds — 68% — said they use Venmo most often, and only about 22% said they use “My bank’s mobile payment app” most often. From the report:

At LendEDU, our team almost exclusively uses Venmo and we are not alone. In 2016, Venmo processed $17.6 billion in mobile payments, up 135% from the prior year. In January, Venmo’s parent company PayPal reported that Venmo processed $5.6 billion in mobile payments with over $2 billion processed in December alone. The mobile payment tsunami is on its way. But hey, not everyone might be a Venmo kind of guy or girl.

The full report can be found here.

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