People are used to think about emoji as cute icons, which show different emotions. However, Venmo found out the way to integrate serious payment process with these fun little pics to make transactions less stressful and serious. Marketers can use that to communicate with people, because Millennials are already in love with this app.

Venmo is a service of PayPal, Inc., a provider of money transfer services. It’s a peer-to-peer payment app, which is currently available only in the US. Venmo allows people to easily transfer money; it’s like sending an SMS to a friend. What’s more, people can add a description for the transaction if they want to. Millennials are creative kids, so a lot of them use emoji to label their payments, which makes this process more fun and enjoyable.

Nowadays, people not only track and share what they’ve seen, where they’ve been and who they’ve been with, but also what exactly they pay for.

 

The Way To Socialize

Venmo gives an opportunity to see friends’ financial moves, because transaction descriptions are public by default. Although the paid or requested amount is hidden. This way of socializing personal finance now is becoming more and more popular in US. Even with the fact that it was previously considered private and to some extent taboo. Today people want to share their daily transactions in a more fun and engaging way as they tell their story on Instagram or Snapchat.

Nowadays, people not only track and share what they’ve seen, where they’ve been and who they’ve been with, but also what exactly they pay for. Emoji present a chance to express something usually seen as tactical and humdrum in a more enjoyable way. They can also add an intrigue, because paying with a star or even a girls dancing emoji can mean multiple things, testing the imagination of those viewing the newsfeed.

 

What’s More For Marketers

Venmo has an autocomplete feature that encourages the use of emoji by suggesting the corresponding emoji whenever a user begins to type a word. For example, if a person types the word “wine,” the glass of wine emoji pops up. Therefore, the result is a visually engaging, easy to capture “financial statement.”

According to the company’s recent survey, the most “expensive” emoji of the past year in the US, which equates to the highest dollar amount per transaction, is the house emoji that represents rent. While the most popular emoji are pizza, beer, cash, wineglass and festive cap.

Brands should figure out the way to use this information to connect with consumers in relevant ways. For instance, Dominos could provide in-the-moment offers for Venmo users. When someone pays with a pizza emoji, he or she could receive a coupon for the next Domino’s order. Moreover, wine companies might suggest a food pairing when someone pays with a red wineglass emoji. The possibilities of partnerships are endless. Although this is an emerging space, we can assume transactions via peer-to-peer payment apps are going to continue to grow.

Emoji. Venmo

About the Venmo’s Progress

Payment volume for the Venmo has reached $3.2 billion in the first quarter of 2016. That’s up from $1.26 billion in the same quarter last year. The growing payment platform is quickly becoming a social network in US. Users can put ‘likes’ and leave comments on friends’ payments.

Today, Venmo doesn’t charge any fees for paying friends in the app by a debit card or a direct connection to banking account. Therefore, that’s the way most users fund their transfers.

By the way, non-profit organizations have leveraged the app to encourage donations. The American Heart Association and Malaria No More have collaborated with Venmo to tap into its existing social platform and motivate people to support causes that need an attention. Openness of the payment history makes donations popular and estimable among Millennials, which is, without doubt, great.

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