Further, he points out that PayPal's (PYPL) Venmo
is regaining ground on Square's Cash App.
, a mobile payment service owned by PayPal, has announced that it is to offer the instant transfer of money to a bank account.
's momentum continues, with 70% growth in total payment volume to $24 billion.
"If you don't got Venmo
, you're the friend that either never buys anyone anything or never pays anyone back."--Rick Fabro
One of the key components to PayPal's success has been Venmo
, the company's person-to-person (P2P) payment app.
, the popular cash transfer digital app where users can log in using their Facebook credentials.
While 64 percent of consumers have downloaded their bank's mobile app, only about a third (37 percent) have sent money using an app like PayPal or Venmo
in the past six months--and just 29 percent say they use a digital wallet like Apple Pay or TransferWise.
On Thursday, Cargo expanded its accessibility, announcing a deal with Venmo
, the mobile payment service beloved by the millennial set.
Speaking at the signing ceremony, Danish Lakhani, CEO NayaPay (Pvt.) Limited, said: 'We at NayaPay hold the firm conviction that Pakistan needs a robust, local payment service that provides similar user conveniences to and has as profound an impact on the transaction economy as those which PayPal, Venmo
, AliPay and WeChat Pay have on their native markets.
, Popmoney, Zelle, Cash App and other convenient P2P options are also a relatively new social choice to pay on a smartphone for products and services quickly and easily or to simply split bills with friends when out on the town.
Andrew Hogan, senior analyst at Forrester, introduced the notion of companies offering "reimagined experiences that unlock growth." One example he cited was the PayPal-owned mobile payment service Venmo
. Unlike traditional forms of payment, such as cash or checks, with Venmo
"you stop and think about why is it that you're paying someone, what do you want to say, what sort of joke do you want to make," he said.