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Venmo continues to shine for PayPal

PayPal continues to see success with Venmo as the mobile person-to-person app accounted for more than $14 billion in total payment volume in the second quarter that ended June 30, according to PayPal's latest quarterly statement.

Venmo overall has processed more than $46 billion of total payment volume over the past twelve months, according to the statement.

PayPal in general continues to grow as the company in the second quarter:

  • added 7.7 million active accounts, with net new active accounts up 18 percent.
  • processed 2.3 billion payment transactions, up 28 percent.
  • saw $139 billion in total payment volume, up 29 percent, or 27 percent on an FX-neutral basis.
  • saw 35.7 payment transactions per active account on a trailing twelve months basis, up 9 percent.

"Our strategic decision to become an open platform committed to partnerships has increased the value that PayPal can offer our customers, both consumers and merchants," Dan Schulman, president and CEO of PayPal, said in a press release about the results.

PayPal said it saw strong mobile engagement on its platform, which resulted in $54 billion in mobile payment volume in the second quarter, representing approximately 49 percent growth year-over-year.