No One’s Splitting the Bill, But Venmo Is Surging

How Venmo has become PayPal’s pandemic secret weapon

Venmo logo displayed on a smartphone.
Photo: Rafael Henrique/SOPA Images/LightRocket/Getty Images

With unemployment still at an all-time high, Venmo has been a way for consumers to avoid in-person banking and allow friends and family to support one another through accessible money transfers.

Before 2020, “contactless payment” was just a novel feature bordering on a buzzword, but today it’s a legitimate public health issue.

The pandemic touch-free payment boom

Payment providers are coming full circle

Payment businesses have strong network effects — more consumers mean more merchants, and vice versa.

I write about technology (more logos than techne) and economics. Newsletter: https://diff.substack.com/

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