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PayPal Holdings Inc. says it's "tipping point," that Thursday, September 7, 2009.
Chief Executive Dan Schulman said on the company's earnings conference that 24% of Venmo users are engaged in a transaction, since June 17.
"We saw significant progress in Venmo monetization efforts," he told investors.
PayPal
PYPL, -3.26%
has seen staggering numbers with some of its individual initiatives. Pay with Venmo, the company's way to get users to choose from a month-over-month basis. Volume for the pink Venmo debit card 320% on a month-over-month basis. And the company processed more than $ 1 trillion in Venmo instant-transfer volume in September alone, from users who paid a fee to their accounts.
The Pay with Venmo and debit-card efforts are fairly new, so it's likely that PayPal is increasing revenue on a small basis. Still, the early momentum is encouraging that it is considered one of the big growth catalysts for PayPal shares. Venmo has a loyal user base, but some analysts were concerned that monetization efforts were proceeding in a slower-than-expected manner.
"We are looking forward to seeing our next year and thereafter," Chief Financial Officer John Rainey said.
PayPal's updates on Venmo, in which the company beat earnings and returns expectations, but fell short of volume estimates. The company issued an early 2019 forecast that comes in a slightly smaller range.
During PayPal's earnings call, executives shed a bit more light on eBay Inc.'s
EBAY, -1.47%
transition to managing its own payments, which began in earnest a few weeks ago. PayPal cited "softness" from eBay, but Schulman clarified that the $ 20 million volume that eBay started managing in September has had "no impact" on PayPal's numbers.
The third quarter was acquired by Schulman, which is a subsidiary of the company. PayPal announced an expansion of its American Express Co.
AXP, -1.44%
partnership earlier Thursday and began a new arrangement with Walmart Inc.
WMT, -0.40%
last week.
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