![]() ![]() The timeline remains to be 2-4 years due to regulatory complexities, but being a part of PayPal, they plan to hop on their backs to penetrate markets much easier, starting with regions that PayPal does best in.Ĭrypto trading is now available on Venmo, but uptake is lower than PayPal Wallet because they had first mover advantage with a no fee promo. Venmo’s social feed allows for friends to click into businesses and check out their website as well, driving sales and marketing for merchants.Īlthough Venmo is still largely local in nature, there are plans for international expansion which will act as a potential growth driver in the long-term. It also only costs 1.9%+10 cents per transaction, which is 100bps cheaper than Venmo’s competition. The accessibility and cost-efficient method of a QR code and an electronic processing account that is very affordable and community orientated makes it a USP it’s much cheaper, and no hardware is required. The introduction of business profiles has been a success as it has encouraged faster adoption of digital payments for merchants. He stresses on Venmo being an app with a card, rather than a card with an app. ![]() There was quite a bit of detail involving better app navigation for customers to access their credit cards and interact with it. Venmo continues to have plans to innovate their product offering. This excites me given the sheer volume eBay gave PayPal, so history is definitely on PayPal’s side here. Darrell also mentioned that he expects Venmo to grow at a faster rate than PayPal for the foreseeable future.Īmazon partnership was tight lipped, but is expected to come later this year. The SVP/GM of Venmo, Darrell Esch forecasts high growth of 50% for Venmo in FY22, and that’s without the Amazon partnership. There was a total of 900m in revenue for FY21, with purchase volume also up 5x Y/Y. Numbers continue to impress on the Venmo front, having secured over 80 million active accounts. Nevertheless, here’s a quick summary of what happened. For those who missed the BofA Electronic Payments Symposium, it was more about Venmo that it was about PayPal. ![]()
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