These updates come as Venmo reports a 20% increase in revenue and a 50% rise in total payment volume, with monthly active accounts up by 30%. This growth contrasts with Cash App's recent shortfall, as its parent company, Block, reported lower-than-expected gross profits. Despite Venmo's success, Zelle remains a strong competitor in the U.S. peer-to-peer payments market, with a record payment volume exceeding $1 trillion in 2024.
Key takeaways:
- Venmo has introduced new debit card benefits, including tap-to-pay capability and 15% cash back at select retailers, to expand its services beyond peer-to-peer payments.
- Venmo now allows users to make payments with retailers like TikTok Shop and Uber, and offers international purchases without foreign transaction fees.
- Venmo reported a 20% increase in revenue and a significant rise in payment volume and active accounts, contrasting with Cash App's Q1 shortfall.
- Zelle remains a strong competitor in the U.S. peer-to-peer payments market, with a record high payment volume of over $1 trillion in 2024.