Ravi Loganathan, head of research at Zelle, explains: “The financial institutions themselves are offering Zelle, and it is going across generations–not just millennials, but Gen Xers and Boomers.” While Venmo has heavily targeted the millennial population, Zelle aims to target all age groups by teaming up with banks.Īccording to a report from eMarketer, Zelle may overtake Venmo users later this year, growing by more than 73%.
Zelle, the newest member to join this competitive marketplace, has gained some traction among individuals who had never downloaded Venmo. It was a no-brainer for millennials to download this application and start splitting grocery bills and rent with ease. Growing financially independent in a society where digital applications influence a large majority of our daily tasks, Venmo capitalized on the opportunity and timed their go-to market quite perfectly. Venmo, a subsidiary of PayPal, gained explosive popularity among the millennial population. This alone, marked PayPal as a top player in the field and made it the clear favorite. PayPal became the most popular payment method on eBay and it was also the default choice. Shortly after it’s IPO, PayPal was acquired by eBay (2002), only to become a spin-off of eBay several years later (2014). PayPalhas proven to be the trusted source for online payments over the last 20+ years. Let’s take a look at three of the most popular apps–Paypal vs Venmo vs Zelle–and see who comes out the winner. Just last year, P2P transactions exceeded $120 billion. T he peer-to-peer payment app war is growing fierce. The use of P2P (peer-to-peer) payment apps is expected to grow by double digits across all age groups through 2021.
0 kommentar(er)
