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Payments News » PayPal Reports Strong 3Q Earnings on Surge in Venmo, New Members

“The company reported a surge in net new active accounts, rising 16% or 9.8 million to 295 million accounts.  The company saw a strong increase in business from Venmo, which rose 64% to process more than $27 billion in total payment volume during the quarter. Meanwhile P2P volume grew 39% to $51 billion during the quarter.  “Venmo continues to be an incredibly powerful platform for engaging consumers,” Dan Schulman, president and CEO of PayPal told analysts in the quarterly conference call.  He said the Venmo figures equal about $300 million in payments a day for an annual run rate of more than $100 billion. He said Venmo has made tremendous strides in use cases, citing the recent deal with Synchony for a new Venmo card.”

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