This post was originally published on Fin Extra
Venmo, a leading social payments platform, today announced an accelerated expansion of its commerce capabilities, introducing even more benefits for customers to use their Venmo balance beyond peer-to-peer payments – from everyday purchases to earning enhanced rewards in-store and online with the Venmo Debit Mastercard1.
Venmo has been a go-to solution for sending money to family and friends, with over 64 million U.S. accounts using Venmo every month to split meals, send birthday gifts, and pay their portion of rent and utilities. Now, with consumers looking to simplify their financial lives and optimize their spending, Venmo is evolving into a more flexible and rewarding way to spend a Venmo balance on everything from rideshares to cookware.
Venmo’s growth is continuing to accelerate as more consumers use their balances for everyday commerce. In the first quarter, Venmo revenue grew 20 percent year-over-year. Pay with Venmo usage surged, with total payment volume up more than 50 percent, and monthly active accounts are up 30 percent. The Venmo Debit Card is also gaining momentum, with monthly active cardholders up 40 percent as more people use it to pay in-store and online.
“Not only does Venmo deliver best-in-class peer-to-peer payment experiences, but we’re transforming from a
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