HOBOKEN, N.J.–What types of mobile payments apps are Millennials using?
According to a survey by LendEDU of 2,170 Millennials, it found:
- 44% of respondents answered "Venmo"
- 1% of respondents answered "Square Cash"
- 14% of respondents answered "My bank's mobile payment app"
- 4% of respondents answered "Other"
- 35% of respondents answered "I don't use a mobile payment app"
Overall, LendEDU reported, it found 65% of the Millennials surveyed use a mobile payment application. LendEDU said that off those who use a mobile payment application, 68% of respondents said that they use “Venmo” most often. 2
The company noted that in 2016, Venmo processed $17.6 billion in mobile payments, up 135% from the prior year. In January, Venmo’s parent company PayPal reported that Venmo processed $5.6 billion in mobile payments with over $2 billion processed in December alone.