Instagram is a social media platform where users can post photos and videos. Recently, Venmo, a mobile payment company, announced that they will be giving away $100,000 in free money through a contest held on Twitter and Instagram.
But the question is, why would they do this? Well, by giving away $100,000 through social media, Venmo is hoping to attract new users and keep them interested in their app. And what does Venmo get out of this? Apart from getting new users, they hope the giveaway will encourage people to use their app more often and make more transactions.
What’s Venmo?
Venmo is a payment platform that has revolutionized the way we pay for small expenses. Created in 2009 and bought by PayPal in 2012, Venmo has quickly become one of the most popular payment apps in the world.
It’s a mobile payment app that allows users to easily send and receive money with friends and family. What’s even better is that it’s a great way to easily pay bills, split the cost of dinner, or cover any other small expenses. If you’re not familiar with it, now is the time to start using it!
Why is Venmo Giving Away $100,000?
Venmo is giving away $100,000 this year, and the catch is that you have to post their story on Instagram or Retweet their giveaway tweet to be included in the contest.
There will be a total of 100 winners – 50 on Twitter and 50 on Instagram. To participate through Instagram, all you need to do is put your Venmo handle on their latest posts and then share them on your profile.
For Twitter followers, follow Venmo, and retweet their giveaway announcement tweet with your Venmo handle.
The money distributeds as cash prizes after the contest ends on 6/28, so it’s worth signing up now if you want a shot at winning. Venmo has many features that make it an ideal payment method – perfect for small businesses and everyday transactions.
Note: This giveaway is ONLY for U.S. residents who are older than 18.
What Will Venmo Get Out of This?
Venmo has been known to give its users thousands of dollars in cash prizes for a few years now. This giveaway is not new, and it may not be the last one they do either. So seeing how they’re shelling out bucks on giveaways, one might wonder, what’s Venmo trying to achieve here?
Well, the answer is quite simple – they want to achieve two main goals from these giveaway campaigns:
- Bring on new users
- Compel existing users to start using Venmo
The first goal is purely for marketing and promotional purposes. When people retweet their tweets and repost their posts on Instagram, their followers see the name Venmo appear on their feed. This is how Venmo is placing itself in the minds of people, boosting its brand recognition.
Secondly, existing users are reminded about their registered account on Venmo by having to post their Venmo handles as a part of the contest. So Venmo may instantly pop up in their minds the next time there’s a need for sending/receiving payments on a small scale. This will ensure Venmo’s existing users are active and some level of usage is present. This is one of the main ways how Venmo is giving money away on Instagram.
Staying Safe From Scams
The contest by Venmo is legit, and people have won hundreds of dollars in the past.
Still, many con artists are scamming people in the name of Venmo giveaways. They typically contact people on social media, mainly Instagram, and tell them they’ve won money in the Venmo giveaway. However, they’ll ask for an agency fee or for some personal information to process your reward money. Don’t fall victim to their tactics.
They’ll vanish after getting the ‘agency fee’ or sell your personal information online on the deep web. Also, they may use your info to hack your bank/venom account and take away your money.
Of course, always check if the account contacting you is Venmo itself or not, and never pay or share your personal information.
Other than these things, you’re good to participate in Venmo giveaways and try your luck!
Parting Thoughts:
Venmo is a payment app that is quickly becoming popular among millennials. It is a great way to pay for small purchases easily and potentially save you money on larger transactions. This $100,000 contest is their second giveaway this year, ending on 6/28.
