Mobile Payments App Venmo Processed Over $1 Billion During January

Social Media Week

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.

19 days until 20,000+ global leaders come together for SMW November 14-18. Learn more here.

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.

Sign up here for our weekly digest of top articles, industry news, and conference announcements

February’s edition of Social Media Week is almost here. Learn more about how you and your organization can get involved this February 22-26

More on Mobile Payments: Watch “The Future of Mobile Payments” featuring John Collison, President and Co-Founder of Stripe [VIDEO]

Erica Perry

Content and Marketing Associate , Crowdcentric

Erica Perry is a Social Media Week contributor, and Marketing & Content Associate for Crowdcentric. A recent graduate from Boston College, Erica resides in Boston, Mass.

Want to write for Social Media Week?

We're looking for individuals around the globe to contribute articles on marketing, media, technology, and more.