Venmo Moves Beyond Bill-Splitting, Eyes the Everyday Wallet
Hey FinTech Fanatic!
Venmo, once the go-to app for splitting drinks and rent, is now chasing a bigger prize: daily consumer commerce.
Backed by PayPal, the platform just unveiled major upgrades, from 15% cash-back rewards on the Venmo Debit Card to expanded checkout access at retailers like TikTok Shop, Uber, Instacart, and Domino’s. The move signals Venmo’s pivot from P2P transfers to full-service FinTech.
“We’re transforming from a payments app into a full-service commerce experience,” said Diego Scotti, EVP of PayPal’s Consumer Group.
While Venmo’s debit card usage is still in the single digits, it saw a 40% increase in monthly active users and $75.9B in total payment volume in Q1. “Pay with Venmo” transactions alone jumped 50%. Revenue is up 20% YoY.
But competition is stiff: Cash App’s debit card handled $152B in 2024, dwarfing Venmo’s $13B, and Zelle now dominates U.S. P2P with 66% market share.
Still, Venmo’s bet on brand loyalty, social roots, and mobile-first consumers is clear. With DoorDash, Starbucks, Lyft, and Walmart already in the mix, and a push into Europe, Venmo is hoping to become your everyday checkout option, not just your weekend transfer tool.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
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Maciek Nowicki
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PARTNERSHIPS
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M&A
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