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Venmo to gain crypto, budgeting, savings, and Honey integrations in 2021

Monday 8 February 2021 14:22 CET | News

US-based mobile payments app Venmo has announced it is going to expand into budgeting, saving, and cryptocurrency,

The company also plans to put its USD 4 billion Honey acquisition to work by integrating its suite of shopping tools into the Venmo app, including merchant offers, deals, price tracking and wish lists. The company said, in the next few months, Venmo users will gain the ability to buy, hold and sell crypto inside the Venmo mobile app, along with other ’investment alternatives’.

On Venmo, the forthcoming savings feature will look similar to PayPal’s existing PayPal Cash Plus account, where it partners with financial institutions to provide FDIC pass-through insurance. Another change includes the Honey integration. This integration will allow merchants to target specific demographics of PayPal and Venmo customers with personalised offers and discounts, thanks to PayPal’s two-sided marketplace. In other words, the company will attempt to capture the consumer in the earlier stages of the shopping process, when they’re browsing for deals, looking up prices or searching for specific products. 

According to TechCrunch, Venmo’s total payment volume grew 60% year over year to USD 47 billion, and its customer base grew 32%, ending just shy of 70 million accounts. The company expects its revenues will approach USD 900 million in 2021.

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Keywords: Venmo, mobile payments, mobile money, money transfer, budgeting, cryptocurrency, Honey coupon, discount, loyalty programme, US, United States
Categories: Payments & Commerce | Mobile Payments
Countries: United States
This article is part of category

Payments & Commerce