During the second quarter PayPal-owned Venmo overtook the Starbucks mobile payment app in terms of U.S. transaction volume, according to BI Intelligence estimates.
- Venmo transaction volume reached $US468 million in the second quarter of 2014. That’s a 347% increase year-over-year, and an annual run rate of some $US1.9 billion.
- Starbucks payment volume reached $US413 million during the second quarter — a 73% increase year-over-year.
The Starbucks app is the most successful in-store mobile payment app in the U.S. It’s not totally fair to compare it to Venmo because Venmo has a wider audience and it’s used for informal peer-to-peer payments as opposed to retail payments. At the same time the apps are worth benchmarking against one another because they both serve to replace exchanges that would typically take place in the physical world as opposed to online.
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