- Venmo got rid of the global feed that showed users’ public transactions in real time.
- The latest digital wallet updates can make the app more attractive to users.
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News: Venmo, PayPal peer-to-peer (P2P) payment application, got rid of the global feed that showed users ‘public transactions in real time and instead would only show users’ ‘friend feed’, through a corporate blog post.
Venmo has also added a static menu at the bottom of the screen that allows users to switch between their feed, personal profile, a space where they can manage their Venmo Card, and Venmo’s cryptocurrency trading platform. The changes became available to some users on June 20 and will roll out to all customers in the coming weeks.
How we got here: Venmo has struggled with privacy in the past. In 2018, Venmo installed a complaint with the Federal Trade Commission alleging it failed to adequately disclose privacy settings to users. And discussions over Venmo’s privacy standards resurfaced in May when reporters discovered President Biden’s Venmo and the accounts of a wider network of White House officials.
Privacy concerns may also have contributed to the recent increase in complaints about digital wallets: in April, the Consumer Financial Protection Bureau has received 970 complaints, almost double those of July 2020, and many were related to PayPal and Square, which operates
Meanwhile, Venmo’s interface has become cramped since the app introduced new features and products. A 2019 case study who looked at Venmo’s user interface and experience revealed that some users had trouble finding app features like monthly statements. Before the redesign, new features like the Venmo map weren’t as easily accessible and were bundled with options like settings and search.
Opportunities: The latest updates from Venmo can make the app more appealing to users, which could lead to more volume of payments and engagement with different features.
- Emphasizing privacy can help users trust Venmo more. Given Venmo’s past privacy challenges, directing feeds to users’ friends rather than the general public is a step in the right direction and complements other recent ones. security changes. Users may be inclined to use Venmo more often if they have more control over their privacy, resulting in higher volume, which is expected to hit $ 208.76 billion in the United States this year. through Insider Intelligence Forecasts.
- And updating its interface can generate traffic to other Venmo products. The new dashboard makes Venmo more user-friendly and highlights basic features such as the Venmo Card and its crypto trading activity — something PayPal has been pushing hard for in recent months: in February, it announcement plans to create a business unit dedicated to cryptocurrencies.
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