Mobile Payments App Venmo Processed Over $1 Billion During January
Venmo recently surpassed $1 billion in transfers for the month of January in 2016. This is 2.5 times larger than January of 2015, and 10 times larger than January in 2014. Considering how Millennials make payments with Venmo look as easy as texting, expect to see even more growth from Venmo and the mobile payments space.
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For Millennials, paying a friend for dinner or owning up to that Super Bowl bet is as common as texting, thumbing through Instagram, or sending a Snap. This is largely thanks to the availability and growing popularity of money transferring mobile apps, with Venmo at the forefront.
For the first time in the app’s existence, over $1 billion in payments were made in the month of January alone, Venmo announced. To put this number in perspective, it is 2.5 times larger than January of 2015, and 10 times larger than January in 2014.
This milestone comes shortly after Venmo announced the ability for users to make third party, in-app purchases, with Gametime (event tickets) and Munchery (gourmet food delivery) as the initial partners.
With a total of $2.4 billion processed in 2014, and $7.5 billion in 2015, Venmo is expecting that total number to rise even more in 2016, and based off of how seamless it is for users, that growth looks promising.
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More on Mobile Payments: Watch “The Future of Mobile Payments” featuring John Collison, President and Co-Founder of Stripe [VIDEO]
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