PayPal is pushing Venmo beyond peer-to-peer payments, aiming to make it the top “money movement app” through expanded merchant adoption, in-store and online spending, and new features to keep funds on the platform. At its investor day, PayPal projected Venmo’s revenue could surpass $2 billion by 2027, doubling from 2021 levels.

CEO Alex Chriss emphasized Venmo’s growing role in digital commerce, with monetized active users up 24% in 2024 and strong growth expected in its debit card and “Pay With Venmo” services. Partnerships with major brands like DoorDash, Starbucks, and JetBlue are helping Venmo expand its reach, solidifying its position in an increasingly competitive market.