Study: Venmo outpaces ATM cash withdrawals with millennials
Rubiix, a social spending platform that distributes ad revenues back to users who provide their data, has released a report showing that Venmo is now beating cash from ATMs as a preferred transaction mechanism for millennials.
A Rubiix report on the use of P2P platforms gathered and analyzed data from 10 million debit and credit transactions.
"It's not surprising that Venmo is now outpacing ATMs in terms of volume of transactions, because cash is certainly less convenient," Rubiix CEO and cofounder Oren Berdichevsky said, according to a report by Venture Beat. "But the fact that the average Venmo payment was almost exactly on par with the average ATM withdrawal was fascinating."
Rubiix founding partner and investor Ronnie Hershman told Venture Beat that the report demonstrates that "traditional ways of moving money and interacting financially are being rapidly replaced."