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Venmo: A Market Analysis

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by

Jake Cuppels

on 12 April 2016

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Transcript of Venmo: A Market Analysis

Venmo: A Market Analysis
Value Chain
Substitutes on Market
Google Wallet- closest competitor
Apple Pay- only on iOS
Popmoney- takes three days and charges users
Snapcash- Snapchat's venture into the market
Square Cash- Twitter founder, no support for credit cards
PayPal is the owner (but could still be considered a competitor)
Product Characteristics
Mobile payment service in a phone application for people with US bank accounts
Users transfer money through debit card, credit card, or bank account
Structured like a social network
Substantial adoption and growth
Users can have friends, profile pictures, and can view a news feed
Claims to have bank level security
Market Structure
Peer-to-Peer electronic money transfer
Local (to the United States)
Oligopoly
Market relies on the infrastructure of banks
Barriers to Entry
Consumer loyalty
Network effect
Intellectual property
Daniel Chung, Jake Cuppels, Kendal Perree
Conclusion
Substitutes off Market
Venmo is growing rapidly- over $1 billion in January 2016
Currently not making any money
Working on expanding into B-to-B market - wants retailers and merchants to be Venmo compatible
Cash- government regulated, often unable to give exact amount
Check- inconvenient, old fashioned
Credit/ Debit card- not useful for person to person transfer, more of a compliment
Money order/ bank transfer/ gift cards
Inbound logistics: Referral system
Operations: Illusion of instant transactions, Facebook link
Outbound logistics: Social network aspect, history of transactions
Marketing: Advertised to college students
Has been criticized for poor customer service (loss of value)
Works Cited
http://www.investopedia.com/articles/personal-finance/010715/venmo-its-business-model-and-competition.asp
http://thefinancialbrand.com/55401/the-future-of-venmo/
http://www.reuters.com/article/us-banks-payments-insight-idUSKCN0WB0DO
https://hbr.org/1995/11/exploiting-the-virtual-value-chain
Full transcript