As part of its recent earnings report, Paypal Holdings Inc (NASDAQ:PYPL) reported that its Venmo app saw a staggering 80 percent growth in total volume over the most recent quarter. CFO John Rainey recently chatted with CNBC’s Jim Cramer about hose the company is poised to cash in on the surging interest in Venmo.
CNBC has the details.
A quarter of Venmo users are currently using PayPal’s millennial-friendly payments app in a way that the financial technology company can monetize, PayPal Chief Financial Officer John Rainey told CNBC on Friday.
“If we look at the most recent quarter, roughly one in four Venmo customers are using Venmo in a way today that we’re able to monetize,” Rainey said in an exclusive interview with “Mad Money” host Jim Cramer.
“That could be with using Venmo to shop online, it could be using our physical card in a store, or it could be using the instant cash withdrawal so they can transfer funds immediately into their bank account,” he explained.
Paypal Holdings Inc shares rose $0.87 (+1.03%) in premarket trading Monday. Year-to-date, PayPal Holdings, Inc. (PYPL - Get Rating) has gained 15.16%, versus a 4.87% rise in the benchmark S&P 500 index during the same period.