With Pay Pal and Early Warning recently reporting results, it’s time to take a look at Venmo and Zelle (P2P) transaction growth rates. These two P2P solutions represent the majority of U.S. digital P2P volumes, but not the total industry. Other bank solutions, Square Cash and Pay Pal also contribute to total volumes.
For quarter, both solutions returned fantastic growth rates. Venmo’s dollar volume reached $24 billion, a 70% year-over-year increase and Zelle reached $44 billion, a 56% year over year increase. These are some great numbers considering how nascent this market was 5 years ago. Here’s how those numbers compare for the last several quarters: