Venmo has long been one of the leading apps for people to send and receive money but their new partnerships are going to help their usage multiply. In a series of very smart moves, Venmo has partnered with Hallmark to enable people to Venmo via select greeting cards, and they partnered with major brands to offer gift cards that can be personalized and sent directly through the Venmo app.
I suspect my nieces and nephews will be thrilled with receiving funds via Venmo instead of a check, and I will be happier that way instead of risking cash in the ever-less-dependable US Mail.
Venmo could have followed a strategy to increase the number of transactions from its current users, try expanding its base through brand new users, or convince Zelle or Apple Pay users to switch. But these new options set the app apart and create a new category of use.
What can you learn from Venmo about how to expand your market? The right partnerships are a gift for both parties.