Venmo gaining ground in payments as Cash App struggles

In the increasingly crowded market for peer-to-peer payments, Venmo is showing momentum while Cash App has hit a rough patch. The parents of both businesses reported quarterly results this week. PayPal , which owns Venmo, reported an earnings beat and kept its forecast for the year. Block , meanwhile, plummeted in extended trading on Thursday after the Cash App parent missed on revenue and issued disappointing guidance. Venmo and Cash App are simultaneously competing to gobble up more consumers for their peer-to-peer offerings while also adding services like debit, credit and transfer services so they can actually make money from those users. For PayPal CEO Alex Chriss, who took over the struggling payments company in 2023, monetizing Venmo is a key piece to his turnaround plan. Venmo revenue jumped 20% in the first quarter from a year earlier, though PayPal didn't provide a dollar figure. PayPal pointed to growing adoption of features like the Venmo debit card, instant transfers, ... Read full article.