Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
But if you're not one of the kind of young millennials that Venmo covets, you might not know that it's pretty popular.
Its brand name is used as a verb for sending someone money, just Venmo me.
And it is close to reaching a deal with Synchrony Financial, which is a credit card issuer, to issue its own Venmo credit card.
Okay.
As we've both mentioned, Venmo has been widely adopted.
How many people use the app approximately at this point?
So PayPal doesn't disclose that, but the best estimates we have from outside researchers are about 27 million people use Venmo, and they'll make a Venmo payment this year.
Why is it losing money?
So most of the time Venmo doesn't charge you to use it.
It's a free service.
I can send you money and they won't charge me a fee as long as I connect my Venmo account to my bank account or a debit card.
But it costs money to actually move that money for PayPal.
So it loses money on each one of those transactions and it loses quite a bit of money.
So there's analyst estimates out there that just that part of the business, the money transfer business, will lose Venmo about $400 million this year.
Well, has it tried other ways to raise money in advance of this credit card partnership announcement?
It has.
So the credit card announcement is the latest in a series of revenue-generating moves that Venmo has made.
It started out
giving you the option to use Venmo at the checkout at online retailers or in apps.
It lets you send money instantly to your bank account if you want to pay a small 1% fee.
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