Latest news with #PaywithVenmo
Yahoo
5 days ago
- Business
- Yahoo
Venmo taps ‘White Lotus' stars for push beyond peer-to-peer payments
This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. Venmo, the digital payments platform owned by PayPal, launched a new campaign featuring 'The White Lotus' stars Aimee Lou Wood and Patrick Schwarzenegger meant to celebrate the app's various commerce solutions, according to a press release. A 60-second spot set to a remixed version of the Black Sheep song 'The Choice Is Yours' follows Wood and Schwarzenegger as they dance their way through various scenarios where they seamlessly make purchases using Venmo. The campaign will appear across culturally relevant touchpoints including TV during the NBA finals, social media, podcasts and gaming platforms. The effort arrives as the platform's commerce tools, including Pay with Venmo and the Venmo Debit Card, report double-digit growth. Venmo is touting its full range of commerce capabilities for its latest campaign, an effort that is joined by the unveiling of several new benefits for consumers who use their Venmo balance beyond the peer-to-peer payments for which the platform is best known. The push comes as adoption of digital payments grows. Roughly nine in 10 consumers in both the U.S. and Europe report having made some form of digital payment over the past year, with the U.S. reaching a new high at 92%, according to McKinsey. At the center of the campaign is a 60-second spot, directed by Tajana Tokyo, that begins with Wood asking Schwarzenegger, 'I thought Venmo was for paying people?' when she observes the star using his Venmo balance to book a rideshare. Schwarzenegger responds, 'Yeah, and for everything else.' The duo then erupts into a dance number, supported by a fresh refrain for 'The Choice Is Yours' ('You can Venmo this, you can Venmo that'), as they use Venmo to make a swath of purchases. Over 64 million U.S. consumers use Venmo each month for tasks like splitting meals, sending birthday gifts and paying their portion of rent, per release details. However, traction is growing for its other payment features. Total payment volume for its Pay with Venmo feature, which allows consumers to pay in-store, online and in-app using Venmo, was up over 50% in the first quarter and monthly active cardholders of the Venmo Debit Card grew 40%. The platform's revenue saw a 20% lift year-over-year in Q1, while monthly active accounts grew 30%. Enlisting Wood and Schwarzenegger for the effort could help Venmo extend to new audiences and grow loyalty. 'The White Lotus' is currently experiencing a surge in popularity and has built one of the largest followings of any HBO series. Other digital payment platforms have emphasized their shopping solutions, including PayPal, which launched its largest-ever U.S. advertising campaign in terms of spend and scale last year with Will Ferrell to showcase how easy it is to shop using its platform and Debit Mastercard. A year prior, Apple launched a 'Pay the Apple Way' campaign promoting its Apple Pay service. To support its campaign, Venmo also revealed limited-time cash back offers for brands popular among its users. Venmo Debit Card holders can earn 15% cash back from Sephora, Walmart, Lyft, McDonald's and Walgreens. They can make purchases more easily with new features including tap-to-pay, automatic transfers and zero international transaction fees. Additionally, Venmo expanded its presence at checkout in-app and online, allowing consumers to pay using Venmo at brands including Instacart, Domino's, Uber and TikTok Shop. Recommended Reading PayPal takes Will Ferrell 'Everywhere' for largest-ever US ad campaign Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
6 days ago
- Business
- CNBC
Venmo adds debit card perks, checkout options in push to catch rival Cash App
Venmo, long known for helping friends split dinner bills and birthday gifts, is jumping into the heart of consumer commerce. The PayPal-owned platform on Wednesday rolled out several updates designed to move beyond peer-to-peer transfers, transforming Venmo into a more robust fintech tool for everyday spending. The changes include upgraded rewards for Venmo Debit Mastercard users, expanded checkout options at major retailers, and a new brand campaign aimed at positioning Venmo, which has more than 64 million monthly active users, as a full-service commerce platform. "We're transforming from a payments app into a full-service commerce experience for users to spend their balance on everything, in-store and online," said Diego Scotti, EVP and general manager of PayPal's Consumer Group. It's a shift that sees Venmo trying to catch up to rivals in a key fintech growth area and capture more of the daily consumer wallet. Venmo's debit card penetration is still in the single digits, compared to 44% of users for Cash App, according to Bernstein. And while Venmo debit card transaction volume totaled $13 billion, Cash App's reached a massive $152 billion in 2024. PayPal has doubled down on competing with platforms like Cash App. On a recent earnings call, PayPal CEO Alex Chriss said more than 45% of U.S. branded checkout now runs through the company's upgraded experience — a figure the company expects to climb further as it expands across Europe. He also pointed to strong debit card momentum, with nearly two million people using a PayPal or Venmo debit card for the first time last quarter, a 90% increase from the year prior. Venmo is accelerating on multiple fronts but still has areas to improve. Revenue grew 20% year over year, though PayPal didn't break out a dollar figure. Total payment volume for Venmo increased 10% to $75.9 billion. Transaction volume for Pay with Venmo climbed 50%, and monthly active users of the Venmo debit card rose about 40%. Chriss has made it a priority to better monetize acquisitions like Braintree and Venmo. Major brands including DoorDash, Starbucks and Ticketmaster now accept Venmo at checkout, a move that further integrates the app into daily consumer spending. Venmo and Cash App have both lost share in U.S. peer-to-peer payments over the past year as Zelle surged to 66% of market volume, up from 55% in 2019. Venmo now holds 19%, down from 21% last year, signaling the pressure to expand beyond basic transfers. Venmo is banking on its brand recognition, social roots, and user loyalty to drive adoption among younger, mobile-first consumers. The updated Venmo Debit Card now offers 15% cash back at major retailers including Sephora, Walmart, Lyft, McDonald's, and Walgreens, with offers activated directly in the app. Cardholders can also tap to pay in stores using their mobile wallets, make purchases internationally without foreign transaction fees, and enable auto-reloads when balances drop. In parallel, Venmo is expanding its presence at checkout. The ability to pay with Venmo is now live at brands like TikTok Shop, Uber, Instacart, and Domino's. The company hopes this growing merchant network will further entrench Venmo as a go-to payment method—especially at a time when consumers are seeking both convenience and rewards.
Business Mayor
03-05-2025
- Business
- Business Mayor
Venmo gaining ground in payments as Cash App struggles
In the increasingly crowded market for peer-to-peer payments, Venmo is showing momentum while Cash App has hit a rough patch. The parents of both businesses reported quarterly results this week. PayPal , which owns Venmo, reported an earnings beat and kept its forecast for the year. Block , meanwhile, plummeted in extended trading on Thursday after the Cash App parent missed on revenue and issued disappointing guidance. Venmo and Cash App are simultaneously competing to gobble up more consumers for their peer-to-peer offerings while also adding services like debit, credit and transfer services so they can actually make money from those users. For PayPal CEO Alex Chriss, who took over the struggling payments company in 2023, monetizing Venmo is a key piece to his turnaround plan. Venmo revenue jumped 20% in the first quarter from a year earlier, though PayPal didn't provide a dollar figure. PayPal pointed to growing adoption of features like the Venmo debit card, instant transfers, and integration into online checkout. The company said monetization per user is improving and that Venmo continues to play a role in its broader e-commerce push. Revenue at Venmo increased at twice the rate of total payment volume, which rose 10%, reflecting progress in turning engagement into profit. During the quarter, PayPal added nearly two million first-time debit card users across PayPal and Venmo, and said Venmo debit card payment volume rose more than 60%. Monthly actives on the card grew about 40%, while Pay with Venmo volume surged 50%. 'We've leaned into Venmo and the investment is starting to pay off,' Chriss said on the company's earnings call. Read More Japan issues rare warning over fake X account Block CEO Jack Dorsey struck a different tone on his company's call. Cash App posted 10% gross profit growth from a year earlier to $1.38 billion in the first quarter. PayPal's gross payment volume, or a measure of money moving through Square and Cash App, came in at $56.8 billion, missing the average analyst estimate of $58 billion, according to StreetAccount. Dorsey acknowledged Cash App's recent underperformance. 'I just don't think we were focused enough and had enough attention on the network and the network density, and that is our foundation,' he said. Dorsey noted that some users still don't view Cash App as a true banking platform, in part because their experience with the app can feel limited or restrictive when trying to move or access funds. The company is promoting its lending program, Cash App Borrow, which has received approval from the Federal Deposit Insurance Corporation and can now bring origination and servicing in-house. 'We of course want to deepen engagement with our customers through banking services and Borrow, and I have no doubt we will,' Dorsey said. 'But at the same time, we need to make sure that we continuously grow our network, and that starts with peer to peer.' READ SOURCE
CNBC
02-05-2025
- Business
- CNBC
Venmo gaining ground in payments as Cash App struggles
In the increasingly crowded market for peer-to-peer payments, Venmo is showing momentum while Cash App has hit a rough patch. The parents of both businesses reported quarterly results this week. PayPal, which owns Venmo, reported an earnings beat and kept its forecast for the year. Block, meanwhile, plummeted in extended trading on Thursday after the Cash App parent missed on revenue and issued disappointing guidance. Venmo and Cash App are simultaneously competing to gobble up more consumers for their peer-to-peer offerings while also adding services like debit, credit and transfer services so they can actually make money from those users. For PayPal CEO Alex Chriss, who took over the struggling payments company in 2023, monetizing Venmo is a key piece to his turnaround plan. Venmo revenue jumped 20% in the first quarter from a year earlier, though PayPal didn't provide a dollar figure. PayPal pointed to growing adoption of features like the Venmo debit card, instant transfers, and integration into online checkout. The company said monetization per user is improving and that Venmo continues to play a role in its broader e-commerce push. Revenue at Venmo increased at twice the rate of total payment volume, which rose 10%, reflecting progress in turning engagement into profit. This self-driving car technology stock could pop by more than 400%, say three analysts Looking for alternatives to Nvidia? Futurum CEO names 3 he's bullish on for 2024 Bernstein tech analyst's best idea for 2024 is to short Tesla Morgan Stanley picks 'alpha' opportunities in China tech - giving one 52% upside During the quarter, PayPal added nearly two million first-time debit card users across PayPal and Venmo, and said Venmo debit card payment volume rose more than 60%. Monthly actives on the card grew about 40%, while Pay with Venmo volume surged 50%. "We've leaned into Venmo and the investment is starting to pay off," Chriss said on the company's earnings call. Block CEO Jack Dorsey struck a different tone on his company's call. Cash App posted 10% gross profit growth from a year earlier to $1.38 billion in the first quarter. PayPal's gross payment volume, or a measure of money moving through Square and Cash App, came in at $56.8 billion, missing the average analyst estimate of $58 billion, according to StreetAccount. Dorsey acknowledged Cash App's recent underperformance. "I just don't think we were focused enough and had enough attention on the network and the network density, and that is our foundation," he said. Dorsey noted that some users still don't view Cash App as a true banking platform, in part because their experience with the app can feel limited or restrictive when trying to move or access funds. The company is promoting its lending program, Cash App Borrow, which has received approval from the Federal Deposit Insurance Corporation and can now bring origination and servicing in-house. "We of course want to deepen engagement with our customers through banking services and Borrow, and I have no doubt we will," Dorsey said. "But at the same time, we need to make sure that we continuously grow our network, and that starts with peer to peer."
CNBC
29-04-2025
- Business
- CNBC
Venmo revenue grows 20%, with debit card payment volume soaring
Venmo, long a centerpiece of PayPal's growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business. PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn't provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree. While it's long been a popular consumer service for sending money to friends, Venmo's ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified. Venmo's total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments. This self-driving car technology stock could pop by more than 400%, say three analysts Looking for alternatives to Nvidia? Futurum CEO names 3 he's bullish on for 2024 Bernstein tech analyst's best idea for 2024 is to short Tesla Morgan Stanley picks 'alpha' opportunities in China tech - giving one 52% upside Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be "accelerating sharply" and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo's traction with debit cards and online checkout could "open up new monetization avenues" if adoption trends continue. The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%. PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.
