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Venmo has revolutionized the way pay each other back. From sending roommates the rent check to reimbursing friends for dinner, people ‘Venmo’ each other all the time. But have you ever wondered how this fun, emoji laden payments app actually makes money? Well, for years, it hasn’t. But now Venmo is on the cusp of profitability for its parent company, Paypal.
Concerns remain about privacy for users and security for their money. And many on Wall Street are still waiting to see whether this millennial digital payments phenomenon is just flash in the pan or if it’s really here to stay. Bill Ready, Paypal’s COO and the man who brought the once no name app to mainstream fame invited CNBC to Venmo’s New York offices to get a look inside how the payment app works.
NOTE: On April 24, 2019 (a day after this video was published), PayPal revealed for the first time that Venmo has 40 million users. In the video above, CNBC cited eMarketer, which had estimated 27.4 million Venmo users as of April 2018..
In its first-quarter 2019 earnings report, PayPal said it now has a total 277 million total customer accounts — including 22 million merchant accounts. Total payments volume for Venmo grew 73 percent year over year to $21 billion in the first quarter, the company said. The company said Venmo is still on pace to do $100 billion in payment volume this year.
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26 comments
Which digital payment app do you use?
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to me all that is nonsense. it's either u have money or not. how you pay transfer wire is simply a fee to me.
Thanks.
Thanks for the Video, I really appreciate your efforts in Creating Great Videos like this. Is it true that Venmo is giving out a $750 Giveaway to U.S Citizens? I really want to know, Thanks in anticipation.
1:46 Dude said it like he comes up with that name while he bought the company from the 2 founders lol.
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I'm starting to think people don't really know who Millennials are. These a generation Z kids who blogging about everything.
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As a Indian what I get from this Vedio is
"This app is Just US version of Paytm App in India🇮🇳"
No
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