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The Marketing Tactic of Cash Giveaways

cash app, venmo, money transfer app
marcovector1993 on Deposit Photos

From Venmo to Cash App, there are plenty of peer-to-peer payment applications. To show appreciation for their userbase, they host a ton of giveaways. Today, Venmo is hosting a $100,000 giveaway on Twitter. They ask users to reply to their Tweet with their Venmo handle for a chance to win $500. Sure, putting your information in a public form comes with a lot of risks. But these giveaways are becoming more popular, and you might be blocking a blessing by not entering.

We’re seeing this more often.

This marketing tactic was always around, but the hype around it has increased since the pandemic. Like Venmo, Cash App is known for its Cash App Friday giveaways on Twitter. Cash App asks people to respond to their tweets with their cashtags in return for money. These giveaways always launch the company into the number one trend on Twitter. 

They’re even onboarding celebrities to collaborate on giveaways. Celebrities such as Miley Cyrus, Kim Kardashian and Travis Scott have hosted giveaways for fans on Cash App. They also do the same thing with cryptocurrency. Last December, Megan Thee Stallion and Cash App gave away $1 million worth of Bitcoin

Be careful!

You should always be careful about putting your information on public websites. It has been reported that these giveaways are an open opportunity for scammers. Scammers pretend to be celebrities hosting a giveaway but will request money from accounts to “verify” their identity.  People aren’t getting their money back, and the scammer ends up with extra cash. A giveaway would never ask you to send them money beforehand. 

Are people really winning?

Yes, users are receiving money. How do we know? Because I personally was the winner of one of these giveaways. When Cardi B’s “WAP” was released, she and Megan Thee Stallion partnered with Cash App for a million-dollar giveaway in increments of $500. I responded to Cardi’s Tweet with my cashtag, and about an hour later, my Cash App notification went off, and the money was there. I was shocked. Thank you, Cardi! 

What are your thoughts on this? Will you be entering the giveaways? Let us know!

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