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Venmo: total payment volume as of Q2 2020

In the second quarter of 2020, Venmo’s net payment volume amounted to 37 billion U.S. dollars, representing a 52 percent year-on-year growth. The company had more than 40 million active accounts at the end of the first quarter of 2019.

Venmo usage in the United States

Venmo is a U.S.-based digital wallet service owned by PayPal. According to a March 2019 survey of online payment users in the United States, 20 percent of respondents had used Venmo in the past 12 months. Parent company PayPal ranked first with a U.S. audience reach of 89 percent. However, during the same survey, only six percent of respondents stated that they used Venmo to pay for their online purchases, indicating that the service was more popular for peer-to-peer (P2P) money transfers than for online shopping payments. Venmo ranks as one of the most popular P2P payment services in the United States, along with Zelle and Square Cash. Venmo was originally created so friends could quickly split bills and the app has a stronger social networking component than other payment apps. When making a transaction, the transaction details (minus the payment amount) are shared on the user's news feed and to the user's network of friends and contacts, similar to a social media feed. Every transaction has a memo line where users involved in the transaction can comment on the nature of the payment – rent, pizza, or movie tickets, and the app suggests emoji instead of words. In 2018, the FTC has demanded that Venmo make it more obvious to consumers that their transactions were largely public and that it should be easier for users to change their privacy settings. The company maintains that the social experience of the public feed is one of the core appeals of the app, but also stated that users were able to change their settings to private.

Venmo's total payment volume from 1st quarter 2017 to 2nd quarter 2020

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Source

Release date

July 2020

Region

Worldwide

Survey time period

Q1 2017 to Q2 2020

Supplementary notes

Total Payment Volume or TPV is the value of payments, net of payment reversals, successfully completed through Payments Platform, excluding transactions processed through our gateway products.

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