PayPal CEO Dan Schulman (pictured) voiced optimism on the company’s plans to further expand the scope of its person-to-person mobile payment brand Venmo, as it reported its active customer base on the platform hit 52 million in Q4 2019.
During the company’s earnings call, Schulman outlined its plans to increase the number of services using the US-only brand in 2020.
Among the initiatives is progressing a plan to offer a Venmo-branded credit card in partnership with Visa and financial services company Synchrony, and increase its online merchant footprint.
PayPal has already moved the brand away from purely providing small P2P payments, launching a debit card in June 2018 and a reward scheme on the platform in October 2019. Going forward the company is set to focus on its Pay with Venmo online transaction proposition for goods and services.
“We’re adding new capabilities all the time,” Schulman said. “Goods and services is one of the biggest moneymakers on the PayPal P2P side. We’re going to add that into Venmo, and there are a number of other monetisable services that you’ll see come out that will reveal in good time.”
PayPal does not breakdown its revenue for Venmo in its quarterly results, but in a rare comment on the brand’s profitability Schulmann said PayPal had a “line of sight to breakeven” for the P2P platform.
“We want to keep enabling Venmo to grow as rapidly as possible, we’re really pleased with this trajectory and I expect to see good revenue growth,” he added.
During Q4 2019, it processed $29 billion worth of funds on Venmo compared to $19 billion in the same period of 2018.
Across its whole business in PayPal booked a net profit of $507 million, down from $584 million, on revenue of $4.96 billion, up 17 per cent year-on-year.