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At least among my friends Venmo totally dominates the so-called "direct-to-consumer" payment market. Maybe they just didn't anticipate hitting critical mass in
by TTPrograms 13y ago
At least among my friends Venmo totally dominates the so-called "direct-to-consumer" payment market. Maybe they just didn't anticipate hitting critical mass in competition.
- billclerico 13y agoBill from WePay here Venmo is a great product (I use it too! And so does Lucas.) We originally launched WePay thinking we could build a great P2P experience and charge fees for it. We found that end-users preferred free options like Venmo & PayPal versus paid versions, so we gradually drifted up market in response. We ended up serving platforms because they aggregate lots of individuals in a context where they expect to pay for payment processing. It leverages our core capability of processing payments for individuals, but it does so in a context where our business model makes sense.