“Need the money that’s sitting in your PayPal or Venmo account right away? Withdrawing it quickly is soon going to cost you more.  PayPal, which is the parent company of Venmo, recently said it’s increasing prices for the “instant transfer” feature for both of the popular money-sending apps later this spring. The changes will affect hundreds of millions of accounts. An instant transfer allows you to cash out the money that’s in your Venmo or PayPal account and send the funds to your bank account or debit card. PayPal and Venmo already charge for this service, and soon instant transfer fees will be even more expensive…The instant transfer fee announcement comes a month after both apps rolled out a separate new fee structure for crypto transactions…PayPal and Venmo’s upcoming instant transfer fees: 1.75% of the amount transferred with a 25-cent minimum but a new $25 maximum”

“Venmo has today announced that it is introducing a new Cash a Check feature in the Venmo app for select customers, enabling Venmo’s community to access a quick, easy and secure way to cash paper checks. The new feature will allow select Venmo customers the ability to cash printed, payroll and government checks directly from the Venmo app.”

“The company reported a surge in net new active accounts, rising 16% or 9.8 million to 295 million accounts.  The company saw a strong increase in business from Venmo, which rose 64% to process more than $27 billion in total payment volume during the quarter. Meanwhile P2P volume grew 39% to $51 billion during the quarter.  “Venmo continues to be an incredibly powerful platform for engaging consumers,” Dan Schulman, president and CEO of PayPal told analysts in the quarterly conference call.  He said the Venmo figures equal about $300 million in payments a day for an annual run rate of more than $100 billion. He said Venmo has made tremendous strides in use cases, citing the recent deal with Synchony for a new Venmo card.”

“PayPal Holdings Inc. released first quarter results that showed rising sales and profit but a decline in payment volume growth, a closely watched measure of the company’s popularity among customers.    The San Jose, California-based met analysts’ expectations for revenue and exceeded them for per-share earnings last quarter. On a conference call after the report, PayPal said it was pleased with plans to make money from Venmo app, although it didn’t offer specifics. The mixed picture gave investors little reason to boost the shares, which is near a record high. Shares of PayPal have risen 28 percent this year, as analysts expected the company would continue reaping benefits from a strong e-commerce market and hopes that Venmo will soon turn a profit.”

“Venmo is best known as a money-transfer service that connects to users’ bank accounts and lets them send money digitally, along with a caption or an emoji that by default gets posted into a public newsfeed. It has become a hit with consumers—more than $14 billion in payment volume moved across Venmo in the second quarter—but a financial drain on PayPal since it doesn’t charge most users to move money.”

“In recent weeks, executives at PayPal Holdings Inc., the parent company of Venmo, were weighing whether to remove the option to post and view public transactions, said a person familiar with the deliberations. It’s unclear if those discussions are still ongoing, and regardless of the outcome, payments between friends would still be visible on the home feed, said the person, who asked not to be identified because the discussions are private.”

“PayPal continues to see success with Venmo as the mobile person-to-person app accounted for more than $14 billion in total payment volume in the second quarter that ended June 30, according to PayPal’s latest quarterly statement. Venmo overall has processed more than $46 billion of total payment volume over the past twelve months, according to the statement.”