Payments News

On The Web

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Companies

Venmo Bumps up Sending Limits

“With people under stay-at-home orders throughout the nation, many are finding themselves short on cash. That’s increasing their reliance on electronic payment services. Now, Venmo is easing some of its rules to facilitate payments. The company has increased its sending limits to $4,999.99 per week for person to person payments. That’s a 40% increase from […]
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Companies

Chevron App Now Accepts Venmo

“Chevron announced that its new Chevron and Texaco mobile apps now include Venmo as a payment option, making the company the first to accept the payment service for fuel purchases at the pump. ‘Chevron updated its branded mobile applications to offer consumers access to Venmo to pay for fuel and car washes at the pump from their mobile […]
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Companies

PayPal Reports Strong 3Q Earnings on Surge in Venmo, New Members

“The company reported a surge in net new active accounts, rising 16% or 9.8 million to 295 million accounts.  The company saw a strong increase in business from Venmo, which rose 64% to process more than $27 billion in total payment volume during the quarter. Meanwhile P2P volume grew 39% to $51 billion during the […]
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Companies

PayPal’s Venmo Isn’t Enough to Drive Payment Volume Growth

“PayPal Holdings Inc. released first quarter results that showed rising sales and profit but a decline in payment volume growth, a closely watched measure of the company’s popularity among customers.    The San Jose, California-based met analysts’ expectations for revenue and exceeded them for per-share earnings last quarter. On a conference call after the report, […]
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Companies

Venmo’s Latest Effort to Turn a Profit: Credit Cards

“Venmo’s latest gambit to profit off its massive but still-not-lucrative user base involves a decidedly old-school idea: credit cards. Executives at the digital payments company have been meeting with banks since late last year to discuss issuing a Venmo-branded credit card, people familiar with the matter said. The company, owned by PayPal Holdings Inc., is […]
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Companies

Venmo Looks to New Leader to Overcome ‘Growing Pains’

“Venmo is best known as a money-transfer service that connects to users’ bank accounts and lets them send money digitally, along with a caption or an emoji that by default gets posted into a public newsfeed. It has become a hit with consumers—more than $14 billion in payment volume moved across Venmo in the second […]

On The Wires

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Companies

Venmo Launches Limited Pilot of New Tools for Sole Proprietors With the Introduction of Business Profiles

“Piloting to a limited number of users today, Business Profiles allows sole proprietors, casual sellers, and users with a side hustle to create an additional Venmo profile to accept payments for goods and services. Whether you’re an artist, selling homemade planters at a craft fair, serving up one-of-a-kind haircuts, selling floral arrangements or mowing lawns, […]