HomePersonal Finance Resources16 Key Venmo Statistics to Know in 2022

16 Key Venmo Statistics to Know in 2022

Last updated 28th Nov 2022
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Launched in 2009, Venmo seemed a bit ahead of its time. Having realized its potential, Braintree acquired the app in 2012 for $26.2 million before being purchased by PayPal for $800 million just one year later. Today, Venmo is a mobile payment solution aimed at the youngest consumers in the US.

As an originator of P2P transactions, PayPal still dominates the US market. But what about Venmo? Is PayPal’s little brother ready to take the throne and continue the legacy? Check out the latest Venmo statistics and learn the app's role in today’s P2P mobile payment market.

Top 10 Venmo Statistics & Facts

  • Venmo has more than 83 million active users.

  • Venmo users generated a total payment volume of $229.6 billion in 2021.

  • 35% of Venmo’s customers are aged between 18 and 29.

  • 15.1 million new users downloaded Venmo for the first time in the first half of 2021.

  • 92% of Venmo customers say they have purchased something online in the last six months.

  • With 61% of its user base, Venmo is more popular among male users.

  • 93% of Venmo’s customers say they have tipped in the last six months.

  • With 32% of consumers using it, Venmo is among the top three mobile payment processors in the US.

  • 47% of Venmo’s user base are immigrants.

  • 47% of customers say they would pay with Venmo if the merchant offered it as an option during check-out.

Venmo Market Share Statistics

With 32% of consumers using it, Venmo is among the top three mobile payment processors in the US.

A recent survey shows that Venmo is among US consumers' top mobile payment choices. However, its parent company PayPal is undoubtedly the most used mobile payment method, with 75% of Americans saying they have used it before.

Cash App is also above Venmo, with 43%. Venmo is in the third spot with 32%, while Zelle is fourth, with 29% of the US population saying they’ve used it before. Finally, 26% say they use their bank apps for mobile payments.

(ABA)

Venmo users generated a total payment volume of $229.6 billion in 2021.

Venmo stats show that the service’s TPV increased each quarter. The fourth quarter of 2021 is the highest yet for Venmo, having processed $60.6 billion, while it processed $60 billion in Q3. Furthermore, Venmo’s TPV for Q2 of 2021 was $58 billion, and it processed $51 billion worth of payments in the first quarter of 2021.

In comparison, the fourth quarter of 2020 was also the most successful for Venmo at the time, though then, it had only processed $47 billion, or 29% less than Q4 of 2021. Additionally, Venmo reports from 2020 show that the app processed $159 billion worth of transactions that year, $70.6 billion less than in 2021.

(Statista)

Venmo users account for 18% of the global crypto wallet with payment features market.

Recent research shows that Venmo is already among the top three crypto wallets by active users in the world, even though it only introduced crypto services in 2021. The research defined active users as users who interacted with their wallets at least twice a month. The only services with a larger share of this market are PayPal with 21% and Coinbase with 20%.

(Bloomberg)

The number of Venmo users is over 83 million.

Considering that only US adults can use Venmo, the above figure is quite impressive. There were 258.3 million Americans over 18 in the 2020 census, meaning that Venmo is used by more than 32% of the US adult population. Moreover, according to the information on Venmo’s website, two million merchants in the US already accept the service, and their number is continuously growing.

(Venmo, Census)

15.1 million new users downloaded Venmo for the first time in the first half of 2021.

This Venmo user base growth was only good enough to put the service in the seventh spot of the top ten most downloaded P2P payment apps for Q1 of 2021. Its parent company PayPal is in the number one spot with 56.6 million first-time downloads. Google Pay had 40.7 million, while AliPay had 32.3 million new downloads in the same period. In addition, 30.7 million new users downloaded PhonePe, 27.2 million downloaded Cash App, and 15.2 million downloaded Paytm.

(Insider Intelligence)

Venmo’s net worth is estimated at 38 billion.

As a subsidiary of PayPal Holdings, Venmo plays a modest role in PayPal’s enormous revenues. At the end of 2021, PayPal reported $25.37 billion in annual revenues, which is an 18.26% increase from the previous year. According to some estimates, Venmo’s contributions to PayPal’s revenues were $850 million, which translates to 3.35% of the total figure. However, Venmo is rapidly growing, so it may become more significant in the future. For example, in 2020, Venmo’s revenue was $450 million, which means Venmo almost doubled its numbers in the following year.

(Ark-Invest, Macro Trends)

Only 1.2% of the top 1,000 retailers accept Venmo.

As expected, traditional methods such as Visa, Mastercard, American Express, and Discover have the highest acceptance rates among the top 1,000 retailers. As for mobile payment methods, Apple Pay is the most widely accepted by 11.2% of them. Samsung Pay and Google Pay also have better acceptance rates than Venmo, with 5.2% and 3.3%, respectively.

(Digital Commerce 360)

Venmo Demographics

With 61% of its user base, Venmo is more popular among male users.

Venmo users use plenty of other social apps in addition to Venmo. For example, 89% of them use Facebook, 82% use Instagram, 68% use Snapchat, and 40% use Twitter. They also have other mobile wallets, besides Venmo, with 84% of them using Google Pay and 70% using Samsung Pay. Other popular apps for Venmo users include Netflix, which is used by 67%, Uber by 66%, and Spotify, used by 70% of Venmo users.

(Media Post)

35% of Venmo’s customers are aged between 18 and 29.

The Venmo user statistics show that Venmo’s customer base is relatively young. While 35% of its customers are aged between 18 and 29, only 23% of the entire US population falls in this age bracket.

Furthermore, Venmo customers tend to be more affluent than the average US consumer. For example, 75% of Venmo’s customers have an HH income of more than $50,000, while the share of American households with such income is 60%.

Finally, Venmo users tend to be better educated than the average American. While only 32% of the US population has a bachelor’s degree or higher, Venmo user demographics show that 67% of its clientele is highly educated.

(PayPal)

47% of Venmo’s user base are immigrants.

Immigrants are frequent users of P2P transfer services, and Venmo and Zelle are two of their favorite payment methods. The stats show that 23.08% of immigrants use Venmo, 41.56% use Zelle, and 35.36% use both services.

However, the average transaction amount they make with Venmo is $148.83 and considerably lower than what they make with Zelle, $339.36. The reason for this could be Venmo’s limit per day of $3,000, while Zelle’s limits are set by the user’s bank.

(Stilt)

68% of millennials who use mobile payment apps use Venmo most frequently.

Millennials tend to use multiple payment apps, but Venmo seems to be the first choice for most of them. For 22.8% of millennials, the preferred method is the native app of their bank, while only 2.3% say they prefer Square Cash. On a side note, 32.6% of millennials have used Venmo to pay for drugs, while 21% say they used it for gambling.

(Lend Edu)

90% of Gen Zers who use mobile payments say Venmo is their favorite mobile payment app.

Venmo stats confirm that Venmo is the go-to payment method for the youngest generation. What’s more, only 2% of the people from this generation say they never use mobile payment methods, while the remaining 98% use them either rarely, sometimes, usually, or all the time.

In addition to Venmo, Apple Pay is the preferred mobile payment method for 4% of Gen Zers, while PayPal and Zelle are used by 3% each. Interestingly, only 57% of people belonging to Generation Z believe that their parents would be comfortable making a Venmo transaction.

(Seeking Alpha)

Venmo Usage Statistics

92% of Venmo customers say they have purchased something online in the last six months.

The majority of them, or 56%, say they are most likely to use Venmo to buy clothes, shoes, or accessories. Furthermore, 48% say they use Venmo to pay beverages or restaurant bills, 37% use it to buy groceries, and 34% say they use it to purchase food and drink delivery.

(PayPal)

93% of Venmo’s customers say they have tipped in the last six months.

According to Venmo’s annual report on customer behavior, more than nine out of ten Venmo users say they tipped in the last six months. Additionally, 83% say they leave at least one tip every month, making Venmo the third-most preferred method for tipping after cash and card payments. Waiters and bartenders are most likely to get a tip from Venmo users, as 91% say they tip them, while 83% say they tip barbers, and 50% say they tip drivers.

(PayPal)

47% of customers say they would pay with Venmo if the merchant offered it as an option during check-out.

Moreover, 60% of Venmo’s active users say they will use the service more often if their purchases are incentivized with rewards. Another 40% say they would use Venmo more if it were available as a payment method on their favorite website and apps, while 30% say they would be more likely to use it if there were easier ways to add money to it. Finally, 22% say they would use Venmo more often if it would allow them to pay for purchases over time.

(PayPal)

The word “thanks” appears in 2.17% of the texts women send using Venmo.

Venmo statistics show that for men, the word “thanks” isn’t even in the top 20 most commonly used words on Venmo. Instead, it is the word “food,” which can be found in 2.20% of men’s texts. At the same time, “food” is the second-most used word in the texts sent by women. Additionally, the pizza slice and the money stack with wings emojis are the most commonly used ones when sending money by both men and women.

(Nitro College)

Venmo FAQs

How long has Venmo been around?

Venmo was founded on April 4, 2009, which means it has been around for 13 years. On August 16, 2012, Venmo was acquired by Braintree, which PayPal bought after a year.

(Crunchbase)

How much is Venmo worth?

According to unofficial sources, the latest information on Venmo’s worth is from 2020, when the company was estimated at $38 billion.

(Ark-Invest)

How many people use Venmo?

Venmo has more than 83 million users, according to the information on its own website.

(Venmo)

How much does Venmo make a year?

While there are no official statistics on Venmo’s annual revenue, according to estimates, the company received $850 million in 2021, which is its highest revenue to date. In comparison, Venmo’s estimated revenue for 2020 is $450 million, and $300 million for 2019.

(Ark-Invest)

How many Venmo transactions are there per day in the world?

Venmo has just over 83 million users and is limited to 30 transactions per day, so the number of daily Venmo transactions can’t exceed 2.5 billion. However, according to some estimates, Venmo processes an average of 516 million transactions on a daily basis.

(Statista)

Conclusion

As the demographics of Venmo users reveal, the app is doing very well at attracting the attention of the millennials and Gen Zers. Its convenience, social media-like nature, and inclusion of emojis seem to have done the trick and made it stand out from the crowd.

While it is still far from reaching PayPal numbers, it has secured a cozy room to grow. With most of the US youth by its side, time works for Venmo, and there is still the possibility for it to expand to other countries. All in all, unless something bigger comes along, Venmo is the future of P2P transactions.

Sources:

Darko Jacimovic

Darko Jacimovic

With over six years of writing experience, Darko is a prolific writer in multiple industries including finance, and technology. Acquiring a BA in English pushed him to pursue his lifelong dream to conquer the internet and engage with the personal finance space. While looking for his next travel destination, Darko developed impeccable research skills that helped him craft some of the most popular finance stats pages on the World Wide Web.