SAN JOSE, Calif., Jan. 13, 2022 /PRNewswire/ -- Today, Venmo
introduced a new way for customers to gift money to friends and
family for any occasion big or small through its new gift-wrapping
feature. Beginning to roll out today, Venmo's latest feature gives
customers access to eight unique and vibrant animated gift-wrap
designs that can be added to a payment note.
Consumers continue to adopt digital payments into various parts
of their everyday financial lives, and for many, this also includes
gift-giving. Seventy-eight percent of Venmo users indicated that
they've sent money as a gift via Venmo or another person-to-person
(P2P) payment service in the past year. Additionally, eighty-six
percent of those surveyed cited the ease of sending as one of their
top reasons for choosing to send a gift via Venmo.1
"Gifting money through Venmo to say 'thanks' or 'just because'
is something the majority of our community does year-round, not
just during holidays and special occasions," said Darrell Esch, SVP and GM, Venmo. "The present
emoji was one of the top ten emojis that customers used in their
payment notes in 2021.2 We're excited to introduce our
new gift-wrapping feature to enhance this experience, enabling
customers to celebrate with loved ones, no matter how big or small
the moment."
How It Works
Customers can send a gift-wrapped payment
in just a few simple steps, at no additional cost. Simply tap the
"Pay or Request" button on the home screen and add the recipient,
payment note and payment amount. Customers can then tap the
gift-wrap icon (next to the "Pay" button) and choose the gift-wrap
they'd like to send along with their payment, where they will be
able to preview the animation before confirming and sending the
payment. From there, the recipient will receive a notification that
they've received a gift in the Venmo app, where they'll be able to
unwrap the gift and view the custom animated design. Both the
sender and recipient can choose to rewatch the animation at any
time from the payment details screen, which they can access by
tapping the transaction.
The launch of this new feature also comes in time for Lunar New
Year, a key cultural moment for Asian communities for gifting money
to family and loved ones to bring good fortune and happiness. As
the pandemic caused people across the country to put in-person
celebrations on hold this past Lunar New Year, many of our
customers turned to Venmo to keep the tradition going. We saw the
number of payments sent including the red envelope emoji during
Lunar New Year 2021 increase by 69% percent compared to those sent
in 2020.3 To help the communities who celebrate make the
occasion even more special this year, we will be introducing three
Lunar New Year-inspired gift-wrap designs to honor the Year of the
Tiger. These limited-edition designs will be available to customers
in the Venmo app in the coming weeks.
The rollout of Venmo's new gift-wrapping feature starts today
for select customers and will be available for all customers in the
coming weeks. Don't have a Venmo account? Creating one is easy and
free - sign up online or download the Venmo app through the
Apple or Google Play app stores.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 400 million consumers and merchants in more
than 200 markets to join and thrive in the global economy. For more
information, visit paypal.com.
Media Contact
Jaymie
Sinlao
jsinlao@paypal.com
1 Based on data from a survey conducted by
Forsta and commissioned by Venmo of its customer base, from
September 21 – October 17, 2021. The survey data reflects 2,001
respondents.
2 Based on P2P payments sent on Venmo from
January 1, 2021 - December 31, 2021.
3 Based on P2P payments sent on Venmo from
January 25 – February 8, 2020 and February 12 – February 26,
2021.
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SOURCE PayPal Holdings, Inc.