Venmo has launched its first-ever rewards program, which the company titled ‘Venmo Rewards.’ With the new program, consumers are able to earn money back on different purchases made through the Venmo platform. Currently, Venmo Rewards will give consumers five percent cash back at a number of different stores including, Target, Dunkin', and Wendy’s. Sephora shoppers can also get cashback, however its at a rate of four percent.
As more stores are added to Venmo’s reward program users can check in the Venmo app to see which stores will have cashback deals. As more companies enter the space of online money transfers, a rewards program could incentivize consumers to continue to use the Venmo platform.
Money Transfer App Rewards
With Venmo Rewards Consumers Can Get Cashback from Popular Stores
Trend Themes
1. Cashback Rewards - The trend of cashback rewards programs is on the rise, providing disruptive innovation opportunities for companies looking to incentivize consumer loyalty.
2. Mobile Payment Platforms - The increasing popularity of mobile payment platforms like Venmo opens up opportunities for disruptive innovation in the financial technology industry.
3. Partnership Marketing - Partnerships between online money transfer services and popular stores offer opportunities for disruptive innovation through mutually beneficial rewards programs.
Industry Implications
1. Retail - Retailers can explore disruptive innovation by partnering with mobile payment platforms and offering cashback rewards to increase customer engagement and loyalty.
2. Financial Technology - The financial technology industry can seize the opportunity to disrupt traditional banking by creating innovative mobile payment platforms with built-in rewards programs.
3. Marketing - Marketing agencies can help businesses leverage the trend of rewards programs in the fintech industry to create unique partnership marketing strategies that drive customer acquisition and retention.