Mobile payments are an increasingly normal part of life in the 21st century, and Venmo is one of the apps leading the charge. In order to design a feature that continues the app's pioneering spirit, I conducted research with the following objectives: to gather detail on key competitors, and collect insight to inform empathy mapping and persona generation.
Here's a bit of what I learned from the first step, secondary market research:
1. 14% of adult Americans use Venmo for P2P transactions (Balancing Everything
2. The most common uses of mobile banking apps included paying rent, splitting utility bills, sharing meals and gifting (MarketWatch
3. Users average 5 transactions a month (Business of Apps