Venmo handled $96.81 billion in payments in the third quarter of 2026, which PayPal put at 20% of its total payment volume. That is how PayPal reports Venmo market share: as a slice of its own volume, not of the wider U.S. market. This brief covers that share through Q3 2026, Venmo’s growth against PayPal’s U.S. business, Pay with Venmo, revenue, and how Zelle and Cash App report their own numbers.
Venmo Market Share
What Is Venmo’s Market Share Inside PayPal?
Venmo accounted for 20% of PayPal’s total payment volume (TPV) in Q3 2026. The share was 19% a year earlier and 19% in Q2 2026.
PayPal’s full-year figures read 17% for 2024 and 18% for 2025. Venmo has been part of the group since PayPal’s 2013 Braintree acquisition.
| Quarter | Venmo share of PayPal TPV |
|---|---|
| Q4 2024 | 17% |
| Q3 2025 | 19% |
| Q4 2025 | 18% |
| Q2 2026 | 19% |
| Q3 2026 | 20% |
$96.81 Billion: Venmo Payment Volume in Q3 2026
Venmo TPV rose 14% year over year to $96.81 billion in Q3 2026. PayPal called it the eighth consecutive quarter of double-digit Venmo TPV growth.
PayPal counts Venmo P2P, Pay with Venmo and Venmo debit inside this figure. Quarterly volume stood at $74,848 million in Q3 2024.
Is Venmo Outpacing PayPal’s U.S. Business?
PayPal does not report Venmo as a share of its U.S. volume. The published figures sit side by side below, in millions of dollars.
| Quarter | Venmo TPV (M) | PayPalU.S.TPV(M) | PayPal total TPV ($M) |
|---|---|---|---|
| Q3 2025 | 85,226 | 285,966 | 458,088 |
| Q4 2025 | 85,793 | 300,798 | 475,135 |
| Q1 2026 | 86,206 | 300,131 | 463,955 |
| Q2 2026 | 93,806 | 315,580 | 486,448 |
| Q3 2026 | 96,810 | 316,524 | 487,138 |
Venmo TPV grew 14% in Q3 2026, against 11% for PayPal’s U.S. TPV and 6% for total TPV. PayPal said U.S. growth was driven by Braintree, Venmo and branded experiences.
Venmo outgrew total TPV in every quarter from Q4 2024 through Q3 2026. It also beat U.S. TPV growth in each of those quarters except Q2 2026, when both rose 14%. International TPV was flat on a currency-neutral basis in Q2 and Q3 2026.
Venmo Market Share vs Zelle and Cash App
No shared metric covers all three services. PayPal reports Venmo payment volume, Early Warning Services reports Zelle dollars sent, and Block reports Cash App transacting actives and inflows.
CNBC’s coverage of PayPal’s February 2025 investor day named Block’s Cash App, Zelle and Apple Pay as rivals gaining ground.
Zelle: More Than $1.2 Trillion Sent in 2025
Zelle users sent more than $1.2 trillion in 2025, up 20%, across 4.2 billion transactions, up 16%. An average of $3.4 billion moved each day.
Small-business payments reached $357 billion, and Zelle said close to 30% of all dollars flowed to or from small businesses. A record 100 million bank and credit union accounts used Zelle in December 2025.
Zelle reports an annual total of P2P dollars. PayPal reports Venmo TPV by quarter, and that figure also includes Pay with Venmo and debit card spending.
Cash App: 60 Million Monthly Transacting Actives
Block reported 60 million Cash App monthly transacting actives in September 2026, up 4% year over year. The count held at 59 million in December 2025, March 2026 and June 2026.
Block reports Cash App inflows instead of a payment-volume total. Inflows were $86 billion in Q3 2026 and exclude funds that move within Cash App.
Venmo: 67 Million Monthly Active Accounts
PayPal reported 67 million Venmo monthly active accounts for 2025, up 7%, and more than 100 million Venmo active accounts.
PayPal and Block define active accounts in different ways and over different periods. The two counts are not like-for-like.
Pay with Venmo Grew 43% While Branded Checkout Grew 1%
Pay with Venmo TPV grew 43% year over year in Q3 2026, after 44% in Q2 2026. PayPal’s online branded checkout TPV grew 1% on a currency-neutral basis in the same quarter.
Branded checkout combines PayPal branded checkout, Pay with Venmo and eBay volume. PayPal’s February 2026 deck said Pay with Venmo and BNPL “continue to take share.”
How Does Revenue Compare With Venmo’s Market Share?
PayPal reported Venmo revenue of $1.7 billion for 2025, up about 20%, excluding interest on customer balances. PayPal’s total net revenues were $33.2 billion that year, when Venmo carried 18% of TPV.
CNBC reported in February 2025 that Venmo monetization had been a challenge because P2P transfers bring in little revenue.
PayPal ties Venmo monetization to financial services such as debit. The Venmo Debit Mastercard reached 6.7 million monthly active accounts in Q3 2026, up more than 55%, with 1.6 million first-time users that PayPal called a record.
Over the 12 months to Q3 2026, Venmo users with the debit card generated 5-6x higher average revenue per account than P2P-only users, per PayPal.
Cross-Border Moves by Venmo and Zelle in 2026
Since March 23, 2026, Venmo users can send and receive money with PayPal users across 90 markets. In a survey commissioned by Venmo, 59% of payment app users said they would stop using other apps if one let them send money to friends and family worldwide.
Zelle, which runs through bank and credit union apps, named India on June 11, 2026 as the first country for its cross-border service. Early Warning said initial availability was expected before the end of 2026 and unveiled a ZelleUSD stablecoin.
PayPal also moved Venmo into a business line called Consumer Financial Services and Venmo, one of three units announced in April 2026.
FAQs
What is Venmo’s market share?
PayPal puts it at 20% of its total payment volume in Q3 2026. That share covers PayPal’s own volume, not the U.S. payments market, and Zelle and Cash App publish different metrics.
Venmo vs Zelle on Reddit: which one moves more money?
Zelle, by reported dollars. Zelle users sent more than $1.2 trillion in 2025. Venmo TPV was $96.81 billion in Q3 2026 and also counts Pay with Venmo and debit spending, so the figures are not like-for-like.
Does Venmo have more users than Cash App?
The counts use different definitions. PayPal reported 67 million Venmo monthly active accounts for 2025. Block reported 60 million Cash App monthly transacting actives in September 2026.
How much revenue does Venmo make?
$1.7 billion in 2025, up about 20%, excluding interest on customer balances, per PayPal. PayPal’s total net revenues were $33.2 billion that year.
Is Venmo still growing?
Yes. Venmo TPV rose 14% year over year to $96.81 billion in Q3 2026, the eighth consecutive quarter of double-digit growth, according to PayPal.
