Home / Blogs

Over $1 Billion in Payments Made on Venmo in January 2016

I was fascinated to read today that over $1 billion (USD) in payments were made on Venmo in January 2016. What is Venmo, you might ask? Essentially it is a mobile app (on both iOS and Android) that provides an easy payment system, in many ways like a “digital wallet” where you can securely reach in and pull out some cash to give to someone… along with a “social” component, of course. A Venmo help page gives a sense of what it can do—and also notes that using the service for payments is free for users for payments using bank accounts.

Owned by PayPal, I found this November 2014 article in BusinessWeek a good summary of how the service originated and what it offered at that time. Buzzfeed reports that $7.5 billion USD was transferred using Venmo in all of 2015.

The mobile payments space is a busy place these days, with Facebook entering the game as well as Square Cash, Apple Pay, M-Pesa and many others. I am intrigued by services such as these that the Internet’s infrastructure has enabled… it will be curious to see where this all goes. Regardless, $1 billion USD in transactions during a single month is a remarkable milestone. Congrats to the Venmo team and all the users!

What do you think? Do you use Venmo? Other mobile payment apps and systems? Where do you see this space going?

By Dan York, Author and Speaker on Internet technologies - and on staff of Internet Society

Dan is the Director, Online Content, for the Internet Society but opinions posted on CircleID are his own. View more of Dan’s writing and audio here.

Visit Page

Filed Under

CircleID Newsletter The Weekly Wrap

More and more professionals are choosing to publish critical posts on CircleID from all corners of the Internet industry. If you find it hard to keep up daily, consider subscribing to our weekly digest. We will provide you a convenient summary report once a week sent directly to your inbox. It's a quick and easy read.

I make a point of reading CircleID. There is no getting around the utility of knowing what thoughtful people are thinking and saying about our industry.

VINTON CERF
Co-designer of the TCP/IP Protocols & the Architecture of the Internet

Comments

Comment Title:

  Notify me of follow-up comments

We encourage you to post comments and engage in discussions that advance this post through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can report it using the link at the end of each comment. Views expressed in the comments do not represent those of CircleID. For more information on our comment policy, see Codes of Conduct.

Related

Topics

IPv4 Markets

Sponsored byIPv4.Global

Cybersecurity

Sponsored byVerisign

Threat Intelligence

Sponsored byWhoisXML API

Brand Protection

Sponsored byCSC

Domain Names

Sponsored byVerisign