PayPal’s CEO Discussed about Venmo Line at the IGNITION 2015

PayPal’s Chief Executive Officer Dan Schulman said that “they” have an insider joke about Venmo users, which they call the Venmo line.

People under the age of 30 extensively use Venmo and above that age, other forms of digital payments are more popular, such as PayPal.

He said that the financial services industry will see more change in the next five years compared to what we have seen over the last three decades. Mr. Schulman made that comment when he sat down with Matthew Bishop of The Economist for an interview at the IGNITION 2015.

This year’s Black Friday sales experienced a new phenomenon, where more American consumers went online to buy things compared to bricks and mortar stores. PayPal’s CEO mentioned how his company is very optimistic about the prospects of Venmo, which is very popular among the younger demographics.

According to Mr. Schulman, Millennials use Venmo extensively and it is playing a central role in how they are moving money. “The typical Venmo user opens their app four or five times a week.” Commenting on the growth of Venmo he added that “. There are now, last quarter, over $2.1 billion in volume that was transacted through Venmo, up 200% year over year.”

In recent years, PayPal has made some strategic acquisitions in order to turn making a payment into an overall life experience. Since Venmo tie social networks by sharing payment information, it helped PayPal to achieve that goal, especially for its target demographics, people under the age of 30.

Mr. Schulman also mentioned that his company is looking into finding more ways to further monetize the popularity of Venmo users by tying “Venmo into all of the [PayPal’s] merchant networks.”

However, he mentioned that despite the advancement of digital payments, cash may still be relevant as 85% of all the world’s transactions are still made in cash.