Home Business NewsBusinessBanking Venmo grows by 47% year-over-year, 2.6x more than PayPal

Venmo grows by 47% year-over-year, 2.6x more than PayPal

by Peter Smyth Tech Journalist
13th May 20 6:18 am

Data gathered by Learnbonds.com  shows that Venmo’s year-over-year total payment volume has grown by 47.61% which is more compared to its parent company PayPal’s 18%. The growth was from the first quarter of 2019 to the first quarter of 2020.

Millennials propel Venmo’s growth

The data shows in the first quarter of 2019, Venmo’s payment volume stood at $21bn, which grew by 47.61% to $31bn during a similar period this year. By the second quarter of last year, the volume rose by $3bn and later hit $27bn in the third quarter. By the fourth quarter of last year, the volume stood at $29bn.

For PayPal, during the first quarter of 2020, the payment volume was $190.57bn, a growth of 18% from a similar period last year ($161.49bn). Notably, 2020’s first-quarter results were a drop from 2019’s fourth-quarter results of $199.4bn. In the second quarter of 2019, PayPal’s payment volume was $172.36bn which later grew by 3.6% to $178.67bn in the next quarter.

Compared to Venmo, PayPal’s payment volume was six times more in the last year. According to the report, “Venmo’s growth has been largely propelled by millennials over the recent years. For example, the platform has become a popular payment method on campuses.”

The data also overview the overtime interest in Venmo based on Google search queries. By May 2020, the term Venmo had attained the peak popularity of 100 on Google search.

The data shows that there was a sharp interest in Venmo from March this year when the popularity score stood at 76. Between March and May, the interest in Venmo grew by 31.6%.

Most of the interest in Venmo originated from the United States where by May 2020, it has attained peak popularity of 100. Nigeria recorded the second score at 12 followed by Canada with a popularity score of 10.

Notable searches regarding Venmo also originated from Australia (5), United Kingdom (4), Philippines (4), Spain (2), Netherlands (2), Mexico (2), and Germany (1).

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