Venmo now has over 40 million active users as payments skyrocket
The mobile payment app is really popular with millennials.
Venmo now has over 40 million active customers, parent company PayPal revealed in its earnings report.
The mobile payment app, which is popular with millennials and encourages social interactions, is also processing dramatically more money.
Payment volume jumped 73% in the past year to $21 billion, and expected to hit $100 billion in 2019, the company said Wednesday in its first quarter earnings release.
Venmo defines users as customers who have used the digital wallet at least once in the past 12 months.
Venmo also has more than 40 partnerships, and just added Chipotle as one earlier this year, PayPal said.
In the context of other digital wallets, Venmo holds a desirable spot. While PayPal counts 215 million users, Amazon Pay reported about 30 million users in 2016 and likely has 50 to 60 million current users, according to Lisa Ellis, a mobile payments analyst at research firm MoffettNathanson.
Apple has said it has “tens of millions” of Apple Pay users. According to research-driven venture capital firm Loup Ventures, Apple Pay had over 252 million users, or 31% of the active iPhone base as of August.