Venmo is launching a significant redesign, marking the app’s largest update since 2021, as it seeks to enhance user experience and social interaction. The rollout begins this week, with the full redesign expected to reach all users by fall 2023. This update comes amid PayPal’s efforts to restructure Venmo as a stand-alone business unit, potentially preparing for a sale.
The first noticeable change will be a revamped feed, featuring a wider array of visuals and larger images. Users will find new interaction options, such as reactions and quick action buttons like “Pay Again” and “Say Thanks.” The feed will also be personalized, displaying tailored cashback offers and product suggestions based on users’ shopping habits.
A new “Give a Shoutout” button will allow users to endorse their favorite local businesses within the app. Alexis Sowa, Venmo’s senior vice president, emphasized the redesign’s focus on appealing to Gen Z and younger audiences, stating, “One of the things that we hear a lot… is a real desire to support and endorse local businesses.”
Additional features include the introduction of two new tabs, “Send” and “Money,” set to launch in the coming months. The new “Send” tab will highlight frequent contacts prominently, streamlining the process of sending payments and allowing users to split bills with up to 30 people. Users will also be able to send gifts and schedule payments directly from this section.
The “Money” tab will provide management tools for expenses and access to Teen Accounts and Cryptocurrency features. Furthermore, a new Rewards tab will consolidate limited-time offers and include Venmo’s Stash program, which offers up to 5% cash back when shopping with selected brands.
Sowa noted that the redesign is the result of a year of user research, indicating that many existing features within the app were underused. As younger users lean towards payment apps that function as social platforms, Venmo is adapting its platform to meet these expectations.
Competitors like Verse and Daylight are shifting to include social features, indicating a broader trend within payment apps. Venmo aims to stay relevant to its core audience by evolving its platform before any potential ownership changes.
