2. Why is Venmo considered a social-mobile payment system?

Nearly every day, it seems, a new mobile payment system is announced by giant tech companies, startups, merchants, and banks. The mobile payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a goat rodeo, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. The mobile payment market is expected to generate $62 billion in 2017, nearly double 2016 volume, and expand to $300 billion by 2020. Growth in newer forms of mobile payments is strongest among Millennials who have stopped using checks, and who, unlike their parents, are comfortable handling their financial transactions and banking using a smartphone. But older adults are not far behind and are rapidly adopting mobile payment methods provided by their banks.