Mobile payments are on the increase. And one app in particular is responsible for processing hundreds of millions of dollars a month – the Venmo app. It’s a smartphone app, it’s free, and it’s replacing cash in a lot of everyday situations.
Venmo was used to conduct $700 million in transactions in the latest quarter of this year, BusinessWeek reports. Last year, during the same time, the Venmo app was used for $141 million in transactions. Venmo is owned by eBay/PayPal.
New Venmo App Processes $700 Million in Payments
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