70 million! If you are wondering what this number reflects, it is the total user base of Venmo. Users can send, receive, and make payments in no time. Since its launch in 2009, the American fintech app has witnessed more than 10 million downloads. The New York-headquartered platform has attracted both business enterprises and individuals across the world. Entrepreneurs can witness tremendous growth by establishing a customized Venmo clone.
Explore the features of a Venmo like a digital wallet
Seamless integration with debit and credit cards – Unquestionably, Venmo has become a giant in the digital economy. Users can integrate their debit and credit cards like American Express, Discover, Visa, and Mastercard. They will receive benefits like cashback, tracking of inflow and outflow of funds, and quick reloading of balance via bank transactions.
Swift creation of business profiles – Enterprises across the world can handle their funds efficiently on a platform like Venmo. They can create a business profile, organize personal and corporate transactions seamlessly, and use a QR code scanning option.
Split payment mechanism – Had a great trip or attended an exciting birthday party? A group can easily divide their bills on an app like Venmo. They can add a note for each payment to ensure clarity and transparency.
What are the revenue streams offered by a platform like Venmo?
Entrepreneurs can move ahead in the market by owning a Venmo clone. The different sources of revenue offered are
Account opening charges from sellers.
Annual Percentage Rate (APR) from users for purchases with credit cards.
Annual Percentage Rate (APR) imposed on consumers for cash advances.
Instant transfer fees depending on the working days taken to transfer funds.
Minimum interest fees for holding a specific amount on the platform.
Transaction processing for each cash advance made by customers.
Penalty charges for delayed and returned payments.
Seller transaction fees for usage of debit and credit cards.
Peer-to-Peer (P2P) transactions can be done effortlessly by users on Venmo. It is also attracting small, medium, and large enterprises with numerous plans. Entrepreneurs can get huge traction in the American market by getting a Venmo clone. They can connect with an app development company and march ahead in the digital payments sector.