Venmo represents the next big growth avenue for PayPal, which just posted a record quarter.
PayPal Holdings Inc. has built itself into a financial juggernaut during the COVID-19 pandemic, and it’s now worth more than Walt Disney Co., Netflix Inc. and every U.S. bank except JPMorgan Chase & Co.
Once primarily a way for friends to split the dinner check without paying fees, PayPal’s Venmo service has increasingly become a tool that lets people pay artists for virtual concerts or tip service workers during the pandemic.
With the potential for some lost eBay revenue, Venmo represents the next big growth avenue for PayPal, which just posted a record quarter as the COVID-19 crisis drove surging demand for e-commerce. The company is looking to capitalize on a ballooning user base: More than 60 million people used Venmo for a transaction in the 12 months through June, up from 52 million in the 12 months through December.
“Creating the business profile will be a way to expose the business to a massive and fast-growing base of customers,” Esch said. PayPal has said that Venmo users routinely browse the service even when they aren’t sending money, just to see who their friends are paying, and Venmo plans to apply special labels to businesses that are popular with customers or especially active on the service.
Venmo competes with Square Inc.’s SQ, +0.55% Cash App, among other mobile wallets. While PayPal’s strategy with Venmo involves more deeply integrating the product into the merchant landscape, Square has pursued a slightly different strategy as it tries to grow the Cash App, including by adding bitcoin and equities trading.
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