Instagram is a social media platform the place customers can publish photographs and movies. Not too long ago, Venmo, a cellular cost firm, introduced that they are going to be gifting away $100,000 in free cash by a contest held on Twitter and Instagram.
However the query is, why would they do that? Nicely, by gifting away $100,000 by social media, Venmo is hoping to draw new customers and maintain them taken with their app. And what does Venmo get out of this? Aside from getting new customers, they hope the giveaway will encourage folks to make use of their app extra usually and make extra transactions.
What’s Venmo?
Venmo is a cost platform that has revolutionized the way in which we pay for small bills. Created in 2009 and acquired by PayPal in 2012, Venmo has rapidly turn out to be some of the common cost apps on this planet.
It’s a cellular cost app that permits customers to simply ship and obtain cash with family and friends. What’s even higher is that it’s a good way to simply pay payments, break up the price of dinner, or cowl some other small bills. For those who’re not accustomed to it, now’s the time to start out utilizing it!
Why is Venmo Giving Away $100,000?
Venmo is gifting away $100,000 this yr, and the catch is that it’s a must to publish their story on Instagram or Retweet their giveaway tweet to be included within the contest.
There can be a complete of 100 winners – 50 on Twitter and 50 on Instagram. To take part by Instagram, all it is advisable to do is put your Venmo deal with on their newest posts after which share them in your profile.
For Twitter followers, comply with Venmo, and retweet their giveaway announcement tweet together with your Venmo deal with.
The cash can be distributed as money prizes after the competition ends on 6/28, so it’s price signing up now if you would like a shot at successful. Venmo has many options that make it an excellent cost methodology – good for small companies and on a regular basis transactions.
Observe: This giveaway is ONLY for U.S. residents who’re older than 18.
What Will Venmo Get Out of This?
Venmo has been recognized to present its customers hundreds of {dollars} in money prizes for just a few years now. This giveaway will not be new, and it might not be the final one they do both. So seeing how they’re shelling out bucks on giveaways, one may surprise, what’s Venmo attempting to attain right here?
Nicely, the reply is kind of easy – they need to obtain two essential targets from these giveaway campaigns:
- Convey on new customers
- Compel current customers to start out utilizing Venmo
The primary objective is solely for advertising and promotional functions. When folks retweet their tweets and repost their posts on Instagram, their followers see the title Venmo seem on their feed. That is how Venmo is putting itself within the minds of individuals, boosting its model recognition.
Secondly, current customers are reminded about their registered account on Venmo by having to publish their Venmo handles as part of the competition. So Venmo could immediately pop up of their minds the subsequent time there’s a necessity for sending/receiving funds on a small scale. This may guarantee Venmo’s current customers are lively and a few degree of utilization is current. This is among the essential methods how Venmo is giving cash away on Instagram.
Staying Protected From Scams
The competition by Venmo is legit, and other people have received a whole lot of {dollars} prior to now.
Nonetheless, many con artists are scamming folks within the title of Venmo giveaways. They usually contact folks on social media, primarily Instagram, and inform them they’ve received cash within the Venmo giveaway. Nevertheless, they’ll ask for an company charge or for some private data to course of your reward cash. Don’t fall sufferer to their techniques.
They’ll vanish after getting the ‘company charge’ or promote your private data on-line on the deep net. Additionally, they could use your information to hack your financial institution/venom account and take away your cash.
All the time test if the account contacting you is Venmo itself or not, and by no means pay or share your private data.
Apart from these items, you’re good to take part in Venmo giveaways and check out your luck!
Parting Ideas:
Venmo is a cost app that’s rapidly changing into common amongst millennials. It’s a good way to pay for small purchases simply and probably prevent cash on bigger transactions. This $100,000 contest is their second giveaway this yr, ending on 6/28.
