Over 90 million People Use Venmo, Here’s How to Incorporate Venmo and Maximize Sales
June 26, 2023
Younger consumers are shifting the way we pay, moving away from cash and physical cards to mobile and digital payment options. In fact, 41% of Gen Z respondents in a survey reported that they would not be buying a physical wallet again. When stores are not able to accommodate to this digital payment modernization, Gen Z consumers will take their business elsewhere. 46% of those who utilize digital payment methods are willing to abandon their purchase at a physical location that does not accept payments using digital wallets.
In 2022 Venmo amassed over 78 million users, 83% of them being between the ages of 18-34. By having these forms of payment available during the checkout process at your store, monetary transactions will be possible with one click making it more convenient, simple, and quick.
Sensepass allows consumers to have the purchasing power to pay in whichever way suits them best, and employs businesses with the technology to make this possible. For Gen Z consumers, having the ability to pay using Venmo is groundbreaking. Using digital payment, including Venmo, has been shown to increase shopping frequency and promote unplanned spending by roughly 35%.
With Sensepass, customers simply tap their phone on the Senspass enabled sticker which automatically opens up the secured web browser. They are then able to select the payment method of their choosing and the transaction is complete. It’s as easy as that. As a result, consumers spend more and more often.