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Venmo credit card users can now automatically buy cryptocurrency using the cashback they earn on purchases. 
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A few quarters ago, PayPal Holdings Inc.’s disclosures of its rapid Venmo volume growth came as somewhat of a mixed blessing, since the popular peer-to-peer payment service was a hefty source of losses for the company overall. Venmo still isn’t profitable, but the narrative around the service is starting to change.
Vineet Anand's insight:
PayPal reported 242 million consumer accounts; usage 37 times per year on average, up 9 percent; 21 million merchants - added 13.8 million new accounts in Q4, a 58 percent year-on-year increase. Goal for 2019 is to have 300 million active accounts. eBay represents 10% of business since moving to Ayden Venmo with $68 billion is losing ground to Zelle, however monetization will be key to move from expense to revenue generation with Venmo.
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Zelle, the peer-to-peer payments service, had a banner 2018 with $119 billion in payments on 433 mil
Vineet Anand's insight:
Zelle moves $119 billion in P2P payments with 433 million transaction! Venmo will likely hit $60 million, $17 million in Q3, and has been monitizing itself via supporting services. Is it time for a Fed driven Faster Payments solution for the industry??
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This week UK mobile P2P payment platform Paym published its latest figures on user uptake and transaction volumes. Hakim Mendjeli, former head of mobile product and strategy at Lloyds Banking Group, sifts through the data.
Vineet Anand's insight:
Early days to assess Paym success, however chats do indicate growth with 17% mobile users registered and total registrations standing at 3 million. Almost every quarter the growth has been ~40% with an average transaction value of PS 50.
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Apple is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal’s popular Venmo platform, according to people familiar with the talks.
Vineet Anand's insight:
As predicted last year, I had suggested the next step for Apple Pay will be to offer P2P payments and seems like Apple is working towards finding a solutions. Venmo has 19% of P2P mobile market today popular with millennials using its vast array of emoticons to pay for bills, rent, and shared expenses. P2P is on offer with Google Wallet, PayPal, Square $cashtag, Facebook messenger P2P and recently ClearXchange opened its network for use with use of email address or phone number! Apple's Wallet strategy to bring loyalty and P2P are part of the experience in an attempting to develop in bringing greater usage of the Apple Wallet. Sending a iMessage with funds, PFM and Bill Payments will follow suit at some stage! Personal finance management tools and services will add more value to the Apple Wallet with its devout iOS users.
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We’re pleased to announce that multifactor authentication (MFA) is now
Vineet Anand's insight:
Venmo introduces MFA (multi-factor authorization) to identify device / browser use for executing payments. In 2014, Venmo's payment volume was $2.4 Billion and grew nearly 30% in the last quarter! Good response to the recent customer issues reported in media.
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Finextra: American Facebook users will soon be able to send money to each other through the social network giant's Messenger app.
Vineet Anand's insight:
Much awaited news of P2P Facebook payments is revealed. There is no mention of pricing for credit cards but might have similar structure to Venmo. FB has built its own gateway to process payments and will compete with Square cash, Venmo, Snapchat service via Square, and the likes of WeChat in Asia. Likely What'sup will have similar features to remain relevant in market like Asia where Line, WeChat and others offer similar payment services beyond P2P. I predict Apple Pay will have a similar service using messenger and iMessenger service to bring greater value to its consumer base. And that service can be introduced across all iDevices rather than just NFC enabled!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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New credit card offering to use cash back each month to purchase 1 of 4 crypto. Earlier this year Venmo users were able to purchase, sell crypto.