17+ Venmo Statistics


Venmo hit the market in 2009 as a simple peer-to-peer mobile payment service. A few years later, it was bought by Braintree and joined the PayPal family. The latest Venmo statistics reveal that a growing number of millennials are using the app to transfer cash among themselves. The market share of Venmo, therefore, has been slowly increasing, and its P2P payments note record-high volumes.

How many Americans use this service? Who uses it the most? What makes Venmo so popular among younger generations? We have all the answers and much more below. Keep reading and discover all about this innovative mobile payment application owned by the fintech giant PayPal.

Venmo Statistics (Editor’s Choice)

  • About 14% of adult Americans use Venmo for making P2P transactions.
  • Venmo had over 50 million active accounts in 2019, and it significantly increased in 2023 with $78 million active users.
  • Venmo processed $230 billion in total payment volume in 2020, a 14 billion surge in just two years.
  • The average Venmo transfer amount is $60.
  • Over 7 million Venmo users belong to the 18–34 age group.
  • Approximately 61.% of Venmo customers are male and 39% are female.
  • Emoji are essential to the Venmo experience and what makes the service unique.

Venmo Trends and Stats

1. Venmo recorded impressive results in 2021, having processed over $230 billion. It’s even higher in 2023 with 244 billion total payment volume.

PayPal highlighted Venmo’s success in its operating results for 2021. The service processed about $230.1 billion in total payment volume, which is higher than the $159 billion recorded in 2020. This result reveals a 44% year-on-year jump. Venmo further processed about $60.6 billion in total payment volume in the final quarter of the year. This figure shows a 29% y-o-y jump compared to the $47 billion processed during Q4 the previous year.


2. Venmo was among the top four most popular P2P payment apps among Americans in 2022.

Paypal and Venmo rounded up the list of the top four most popular P2P payment apps in the US. These services were used by 43.85% and 32% of Americans, respectively. In the period between February 2017 and February 2018, Facebook Messenger was the most popular P2P payment app. About 14% of US consumers aged 18 or older used this method. Banking payment apps like Quickpay came in second and were the top choice of about 13% of Americans.


3. Nearly 35% of Americans used Venmo between April 2021 and March 2022.

The Statista Global Consumer Survey for the period between April 2021 and March 2022, Paypal was ranked first among peer-to-peer mobile apps. Namely, 83% of the participants said they used this service in the reported period. PayPal-owned Venmo meanwhile came in second. Venmo user statistics show that approximately 34% of the participants used the service in the past year. This share was more than the 27% who used Apple Pay. Other popular options here included Google Pay (27%), Amazon Pay (26%), and Visa Checkout (16%).


4. Over 80% of Americans over 18 didn’t own a Venmo account or use the service in 2017.

Even though Venmo is among the most popular P2P payment services in the USA, lots of Americans don’t use it. Venmo statistics show that 83% of participants either didn’t have an account or didn’t use the service in 2017. Only 4% of US citizens aged 18 or over claimed to use Venmo several times a day. Respective 2% and 3% responded that they used the service once a day or a few times a week. The other possible answers were about once a week, once a month, or a few times a year. These were chosen by 2%, 3%, and 3%, respectively.


5. Venmo saw its total payment volume grow by 29% y-o-y in 2021, but it made an impressive payment volume in 2023.

The service’s total payment volume (TPV) was $60.6 billion in Q4 2021, up from $47 billion in Q4 2020. This marks a 5-year period of consistently positive Venmo trends. In Q4 2017, Venmo’s TPV stood at $10.4 billion and nearly doubled to $19 billion in Q4 2018, followed by another hike to $29 billion in Q4 2019.


6. There were over 50 million active Venmo accounts in 2019, and climbed to 78 million.

The company’s CEO has said that the number of Venmo users is over 52 million. This is one of the Venmo facts that show the rapid rise of this P2P payment service. The Venmo revenue meanwhile rose to over $450 million, compared to 2023’s $935 million.


7. In January 2016, Venmo surpassed $1 billion in monthly payment volume for the first time.

Since that milestone, the service has witnessed many other successes. In October 2017, over 2 million merchants across the US enabled the Pay with Venmo service. 2018 saw the launch of the Venmo debit card and instant cash out. That year Uber added the service as a payment method as well. Venmo statistics show that in December 2018, about 29% of Venmo’s active customers engaged in a monetizable experience.


8. Q1 of 2016 noted a record year-on-year jump in total payment volume processed.

With TPV processed reaching $3.2 billion, the year-on-year increase for Q1 of 2016 was an impressive 154%. This positive trend continued in the following quarters, even though it wasn’t as significant. 


9. Venmo has a much lower average transaction size than its main competitor Zelle.

Venmo transactions have an average transfer size of about $60. Zelle is the main competitor of Venmo, and its average transaction is five times higher at $300. Venmo usage stats show the platform is popular among millennials, and they use it for small cash transfers like paying friends back for drinks or food. The size of Venmo transfer for this purpose tends to be low and moves around $25. Lots of Americans use both services. Approximately 50% of such consumers were satisfied with both Venmo and Zelle.


10. Most Venmo customers are under 34 years old.

Stats on Venmo user demographics indicate that about 7.4 million of the P2P payment service’s users are aged between 18 and 34. Among those, 4.1 million belong in the 25–34 age group, while 3.3 million are 18–24. Only 1.4 million Venmo consumers are aged 35–44. Americans from the 45–54 and over 55 age groups represent 1.4 million users or about 700,000 consumers each. If you add up these numbers, it turns out that Venmo had approximately 10.2 million users back in 2017.


11. Emoji play a considerable role in the Venmo experience.

Are you ready for some cool Venmo facts? The brand released amusing statistics on emoji use by its consumers. There were 5.15 million tacos, 2.38 million dogs, 4.29 million kisses, and 3.28 million football emoji used in 2018. Over 3 million female symbols, 2.49 million sushi, 4.27 million glasses of wine, and 4.08 million bottles of champagne were used too. Still, pizza slices and red hearts were the most popular pick in 2018, with 9.70 million and 9.17 million emoji, respectively. This goes to show that personalizing payments is what drives Venmo growth.

Venmo statistics on emoji usage after the COVID outbreak paint a different picture. After a rise of 226% in usage, the red heart emoji became the most used one. Emoji related to food, drink, and activity saw the most substantial drops in usage. On the other end of the spectrum, the face-with-mask emoji recorded the highest increase in usage at 2,000%.

(Venmo YouTube Channel, QZ)

12. 19% of customers expressed an interest in paying with Venmo while shopping online, 

In another research of over 300,000 U.S. consumers and a review of over 3.4 million transactions1, we discovered that Venmo users shop more than twice as frequently as the average shopper and are 19% more likely to make repeat purchases. Venmo can increase accidental purchases by up to 34% in the apparel and fashion business.


13. Nearly one-fifth of mobile transactions are Venmo transfers.

The Venmo usage stats get interesting when the focus transfers to mobile transactions of US consumers. Mobile banking was the most common occurrence, with 46%. Venmo came in second with 19%, and prepaid mobile phone transactions represented only 14%. Square accounted for 10% of all transactions, while the remaining 11% were classified as ‘other.’ It seems that while Americans still prefer cash and checks, those who make mobile transfers are prone to using Venmo, as confirmed by Venmo usage stats.

(The Wall Street Journal)

14. Banks remained the most popular option for P2P transaction providers in 2018.

US banks processed over $172 billion. PayPal, as confirmed by official PayPal statistics, came next with a P2P transaction volume of more than $141 billion. The third most popular option for peer-to-peer transfers in 2018 was Zelle, Venmo’s main competitor. This service processed $122 billion, which was nearly double the $64 billion processed by Venmo. Still, Venmo facts show that the service earned fourth place in a competitive market. Square Cash, Google Wallet, PopMoney, and SnapCash were other popular options. Their P2P volumes processed were $30.8 billion, $27.8 billion, $8.4 billion, and $6.3 billion, respectively.


15. Zelle and Venmo lead the mobile P2P payment market by the number of users.

In 2017, there were 15.8 million Zelle users and 17.3 million Venmo users. Zelle, however, managed to surpass Venmo in the number of users, and predictions expect the service to remain dominant. In 2018, Zelle recorded 27.4 million users, while Venmo lagged with 22.9 million users, Venmo user statistics reveal. Both services saw their customer base grow, but Zelle expanded faster.

In 2022, Zelle’s US user base is at 61.1 million while Venmo at its peak with 78 million. Square Cash was also included in this analysis, but this service is far behind. In 2017, there were only 6.9 million Square Cash users, but it reached over 40 million last year.

(Seeking Alpha)

16. Over half of Venmo customers are men.

Venmo stats showed that out of 10 million users of the P2P payment platform, 6 million were men, and 4 million were women. PayPal, in contrast, had more female users, according to the Verto Analytics data. Namely, out of 32 million customers, 18 million were women. Square recorded only 3 million users, and two-thirds of them (2 million) were men.

In the same 2017 report, Verto Analytics established the reach of these three mobile payment apps. PayPal had the best results serving nearly 15% of all users (14.9%). Venmo and Square reached about 4.8% and 1.4% of the consumers, as Venmo statistics by Verto Analytics reveal.

(Verto Analytics)

17. New features, like Cash a Check and QR codes, drive the service’s growth.

PayPal frequently releases new services and features to stay relevant to consumers. Venmo got a new Cash a Check feature that provides a fast, easy, and secure way to cash paper checks. PayPal also released QR code payment, which was implemented at 8,200 standalone retail locations. The PayPal and Venmo QR codes were accepted by about 600,000 merchants in early 2021.


Final Words

While Venmo still isn’t as widespread as its sister brand PayPal, it inevitably moves in the right direction. As the latest Venmo statistics reveal, this mobile payment app is appreciated by younger Americans. Meaning, as personalized payments gain popularity, Venmo’s market share will grow as well, possibly turning it into one of the top mobile payment services.

How many Americans use this service? Who uses it the most? What makes Venmo so popular among younger generations? We have all the answers and much more below. Keep reading and discover all about this innovative mobile payment application owned by the fintech giant PayPal.

Venmo FAQ

What is Venmo?

Venmo is a peer-to-peer mobile payment service owned by PayPal. This product, launched in 2009, enables consumers to transfer cash to other users instantly. What makes the platform different from competitors is its practice of publishing all transactions in a public feed and the use of emoji.

What are the Venmo transaction limits?

Users who haven’t verified their identity have a weekly limit of $999.99. Once a consumer completes the identity verification process, their weekly limit jumps to $19,999.99, according to Venmo stats. The transfer maximum is $5,000. You must initiate numerous transfers if you want to transfer more than $5,000. If you use instant transfer, you must transfer at least $0.26; you cannot transfer less than $0.25 via instant transfer.

When was Venmo created?

Venmo was created in 2009 by Iqram Magdon-Ismail and Andrew Kortina. The initial idea behind the service was to help friends easily split bills for drinks, rent, etc. Now, users can pay merchants using the service thanks to the Venmo for business option. After partnering with MasterCard, Venmo also offers a physical debit card to its consumers.

How much did Venmo sell for?

In 2012, Venmo founders Iqram Magdon-Ismail and Andrew Kortina sold the P2P payment service to Braintree for about $26 million. In 2013, PayPal acquired Braintree for $800 million. Ever since, both the payment volumes processed and the number of users soared, increasing Venmo net worth along the way.

Why is Venmo so popular with millennials?

Most of the platform’s users are millennials because they appreciate the simple concept behind the app. They can use it on Android and iOS devices to transfer cash among themselves or pay for services. This generation also appreciates the option to personalize payments.


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