#Platforms / Venmo’s New Boss On Scaling And Monetizing The Venmo Community

As Venmo considers what’s next in terms of developing the business… the platform represents a social community as much as “app-powered money.” Starting from that premise, the company has developed three fundamental goals: to continue growing the company’s peer-to-peer (P2P) user base, to increase Venmo’s utility for users’ day-to-day applications and to expand to include businesses.

… Venmo is already well on its way to fulfilling those goals and will announce some very interesting things soon… Venmo plans to add even more financial services utilities to the platform through new offerings like a branded credit card product, which is scheduled for later this year… the goal is to expand three essential value propositions of the card world: line size, price and rewards… Venmo also hopes to address a fourth consideration: “experience of the interaction.” … “I think when it’s introduced, it will be the fourth leg of a credit card value proposition.”

“Ultimately, we drive monetization through expansion of the community,” … The migration here is that [it needs] to include business” … Because at the end of the day, community is what truly sets Venmo apart. PayPal is massive… its reach spreads to every corner of the globe… “When I pay with Venmo, 90 percent of the volume is with people who are in probably a 10-mile radius of me… There is a local and a social nature to Venmo that is completely unique to it.”

https://www.pymnts.com/digital-payments/2020/venmos-new-boss-on-its-next-chapter