\tPayPal\u2019s peer-to-peer payment brand Venmo and bank-backed rival Zelle both laid claim to hefty Q1 growth rates, as customer and transaction values continue to climb.<\/p>\n
In its results for the quarter, PayPal said it processed $21 billion worth of transactions through mobile platform Venmo, up 73 per cent year-on-year. As of end-March, the service had 40 million active users (comparable 2018 user numbers were not disclosed).<\/p>\n
During the company\u2019s earnings call, PayPal CEO Dan Schulman said it expected to process more than $100 billion through the platform this year.<\/p>\n
Reporting on the same day Zelle, which is owned by US bank consortium Early Warning Services, said its Q1 payment value increased 54 per cent year-on-year to $39 billion. The number of transactions was up 72 per cent to 147 million.<\/p>\n
Zelle\u2019s figures include P2P payments made through its standalone app and those made on apps of its partner banks, which uses the same branding.<\/p>\n
In a statement Early Warning Services group president for payment solutions Lou Anne Alexander noted its core partners \u201cachieved tremendous results\u201d. She added the company embarked on a marketing campaign during the quarter to promote the service more widely for a range of everyday use cases.<\/p>\n","protected":false},"excerpt":{"rendered":"
PayPal’s peer-to-peer payment brand Venmo and bank-backed rival Zelle both laid claim to hefty Q1 …<\/p>\n
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