Venmo User Survey Results
Below are detailed results of survey questions shared with 25 Venmo users.
1. How often do you use Venmo on average?
💡 100% of the participants are active Venmo users who use the product fairly frequently.
2. Which features on Venmo do you use?
💡 100% of the participants use Venmo only to transfer funds between friends and family or pay businesses. However, they currently do not utilize other features at all.
3. Would you be interested in trying other features on Venmo that you don’t use, if addressed in the previous question?
💡 100% of the participants are unwilling to even try using other features on Venmo. This could imply that the users consider Venmo as just a simple tool for paying and requesting money.
4. If answered “No” in the previous question, why would you not use those features?
Here are some quotes from the participants:
“Venmo doesn’t seem like a reliable platform for exchanging Crypto.”
“I don’t think Venmo is trustworthy enough for me to open a credit or debit card with them.”
“Venmo is great for paying or requesting money between friends or businesses, but it’s nothing more than that. I have other Apps for investing in Crypto so I don’t feel the need to use those features on Venmo.”
“I don’t know anything about Venmo’s credit card benefits, so I’m not sure if it’s worth it.”
“I don’t want to involve Venmo in my financials that way. I don’t think it’s a legitimate platform to open a card or trade Crypto. I already have other platforms for those.”
💡 Venmo’s lack of reliability and legitimacy as well as awareness of their card benefits among the users steer them away from tapping into other features.
5. Are there any pain points when using Venmo?
Here are some quotes from the participants:
“Venmo is not reliable and isn’t clear about errors. Sometimes when you charge multiple people at once, some charges fall through and Venmo won’t even let you know through notifications for the errors.”
“Venmo has a lot of bugs to fix. Sometimes when you complete a payment, it goes through twice but you wouldn’t know unless you check your feed.”
“Venmo UIUX is not great. It’s not intuitive. It’s confusing when looking for charges that I need to pay others vs. those I requested to others, etc.”
“It’s VERY laggy sometimes. I would have to close and reopen the App in the middle of charging people because Venmo screen wouldn’t load and I have to recreate the request again.”
“Manually reminding people to pay pending requests. I feel bad doing it and it’s kind of awkward.”
“Having to add multiple people one by one when creating a payment request. It’s time consuming when you need to charge many people at once.”
💡 Interestingly, some pain points addressed by the users were coupled with the term “not reliable” which was also mentioned in the previous question on why they wouldn’t tap try using other Venmo features.
6. Do you use any P2P payment Apps other than Venmo?
💡 All the participants use more than one P2P payment App.
7. If answered “Yes” in the previous question, what other P2P payment Apps do you use?
💡 All the participants use Zelle along with Venmo
8. If you answered “Yes” in question #6, why do you use those P2P Apps other than Venmo?
Here are some quotes from the participants:
“Using Zelle feels more reliable than Venmo, especially when I need to make important transactions like paying my CPA accountant or landlord.”
“I use Zelle if I need to send more money than Venmo’s transaction limit. Sometimes Venmo declines payments even though it’s within their transaction spending limit if the amount is bigger than like $500.”
“Zelle seems like a more legitimate option when transferring a lot of money because it’s directly connected to banks.”
“Venmo’s fraud protection is not as good, so if I’m buying something from a stranger I’d use another P2P App.”
💡 The participants use other P2P Apps when transferring a lot of money at once or making important transactions mainly because of Venmo’s lack of reliability and legitimacy.
