Venmo, the P2P payment app, will be a big focus for PayPal in 2020
At a time when PayPal’s relationship with eBay is in flux and the company is integrating its $4 billion purchase of Honey, the shopping rewards platform, PayPal is turning its attention to Venmo.
“Venmo processed $29 billion in volume for the quarter, growing 56%. And for the year, volume increased to $102 billion,” said the CEO on the call, noting Venmo ended the year with 52 million active accounts, driving its current revenue run rate of more than $450 million. The CEO pointed to Venmo’s deal with Synchrony Bank, which was inked in the fall, enabling Venmo to offer a credit card, as one of the ways the business will grow beyond active accounts. Schulman also broke a little news during the call, announcing Visa will be Venmo’s exclusive network partner for the Venmo credit card.
“Last year, we saw brands like Netflix, Pepsi and Chipotle use Venmo payouts to reward their customers and pay them via Venmo. We are excited to introduce new monetizable value-added services to our Venmo platform over the course of 2020,” said Schulman.
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