In the first quarter of 2025, Venmo’s total payment volume showed a year-on-year growth of about *** percent. The payment method had ***** billion USD worth of TPV at the end of this quarter, compared to ***** million U.S. dollars in Q4 2023. Venmo is a U.S.-based digital wallet service owned by PayPal. According to a February 2022 survey of online payment users in the United States, ** percent of respondents had used Venmo in the past 12 months. Parent company PayPal ranked first with a U.S. audience reach of ** percent.

The worldwide number of payment transactions processed by PayPal increased by over five percent in Q3 2024 when compared to Q3 2023. The total number of transactions was about *** billion during the first quarter of 2025, compared to *** billion in the previous year. Whilst this may indicate an increasing use of the digital payment platform, it should be noted that the growth figure of the value of payments processed decreased for several quarters in a row until 2023. PayPal raises profitability concerns in 2023 The increase in transaction volume contrasts against a decline in profit margins. The company's take rate — transaction revenue compared to transaction volume — was *** bps in the second quarter of 2023, a notable decline from the same quarter one year before. Investors were increasingly concerned about the number of users not growing as fast anymore. Competition from credit card companies, fintech solutions such as Apple Pay, or government initiatives like FedNow increased in 2023. Investors hope the arrival of a new CEO could turn PayPal's business around. Is Venmo the key for PayPal? Various investors in PayPal hope the increasingly popular Venmo could become the turnaround for the company. This as PayPal's subsidiary is said to be a popular payment method in social commerce — the purchasing of products on social media like TikTok. PayPal, however, does not share figures on Venmo specifically. The only metric available is its total payment volume. In Q3 2023, Venmo's transaction volume change decreased for the first time in 2023. Analysts fear that Apple's integration of iMessage in every iPhone may limit the expansion of Venmo as a P2P payment method.

The cumulative market valuation of unicorns headquartered in the United States or Canada that were active in the technology and telecommunications sector reached almost 210 billion U.S. dollars as of April 2021. This according to estimates based company valuations as provided by multiple sources. Note that the figures provided here are based on unicorns that did not go public via an IPO and were not at some point acquired by another company. This excludes, for example, Venmo, a payment company which is owned by PayPal.

Report Attribute/Metric	Details
Market Value in 2025	USD 109 billion
Revenue Forecast in 2034	USD 674 billion
Growth Rate	CAGR of 22.4% from 2025 to 2034
Base Year for Estimation	2024
Industry Revenue 2024	89.4 billion
Growth Opportunity	USD 585 billion
Historical Data	2019 - 2023
Forecast Period	2025 - 2034
Market Size Units	Market Revenue in USD billion and Industry Statistics
Market Size 2024	89.4 billion USD
Market Size 2027	163 billion USD
Market Size 2029	245 billion USD
Market Size 2030	300 billion USD
Market Size 2034	674 billion USD
Market Size 2035	825 billion USD
Report Coverage	Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments Covered	Operating System, User Demography, Transaction Type, Usage Frequency
Regional Scope	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country Scope	U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Top 5 Major Countries and Expected CAGR Forecast	U.S., China, UK, India, South Korea - Expected CAGR 21.5% - 31.4% (2025 - 2034)
Top 3 Emerging Countries and Expected Forecast	Nigeria, Indonesia, Vietnam - Expected Forecast CAGR 16.8% - 23.3% (2025 - 2034)
Top 2 Opportunistic Market Segments	Generation X and Baby Boomers User Demography
Top 2 Industry Transitions	Rapid Digitization, Blockchain Technology Adoption
Companies Profiled	PayPal, Apple Pay, Google Wallet, Venmo, Zelle, Samsung Pay, Chase QuickPay, Square Cash, Facebook Messenger, Western Union, AliPay and WeChat Pay
Customization	Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value)

The global Payment Service Provider market is projected to reach a value of $74.27 billion by 2033, exhibiting a CAGR of 5.48%. This growth is attributed to the increasing adoption of digital payments, the rise of e-commerce, and the growing popularity of mobile wallets. Additionally, the increasing demand for online financial services and the need for secure payment transactions are driving the market forward. Major market players include PayPal, Payoneer, Visa, Braintree, Stripe, Venmo, Adyen, Skrill, American Express, Authorize.Net, Revolut, Worldpay, Alipay, Mastercard, and Square. The market is segmented based on payment method (credit card, debit card, digital wallet, bank transfer, cryptocurrency), deployment type (on-premise, cloud-based, hybrid), service type (payment processing, payment gateway, fraud detection, merchant services, risk management), end user (retail, e-commerce, hospitality, financial services, healthcare), and region (North America, South America, Europe, Middle East & Africa, Asia Pacific). North America holds the largest market share, followed by Europe and Asia Pacific. Recent developments include: Recent developments in the Global Payment Service Provider Market have seen significant advancements and strategic movements among key players such as PayPal, Stripe, and Adyen. PayPal announced enhancements to its payment processing capabilities, aiming to increase transaction efficiency for e-commerce platforms. Meanwhile, Stripe expanded its services in emerging markets, enhancing its competitive stance. Visa made headlines with its acquisition of a fintech startup to bolster its digital payments infrastructure, which aligns with the growing trend towards integrated financial solutions. Payoneer also announced a strategic partnership aimed at simplifying global payment processes for SMEs. Additionally, notable growth in market valuations has been influenced by consumer shifts towards online transactions, with Square reporting substantial increases in user engagement and revenue. Alipay and WeChat Pay continue to dominate the Asian markets, driving investments in mobile payment technologies. Furthermore, American Express has invested in enhancing its loyalty programs, thereby addressing the evolving expectations of consumers. These moves reflect an industry increasingly focused on digital innovation, improved user experiences, and strategic alignment to accommodate the rapid growth in global e-commerce and the demand for seamless payment solutions.. Key drivers for this market are: Digital wallet integration, Cross-border payment solutions; Mobile payment innovations; E-commerce growth acceleration; Subscription-based revenue models. Potential restraints include: Technological advancements, Regulatory changes; Increasing e-commerce transactions; Rising demand for mobile payments; Growing focus on cybersecurity.

Fintech companies headquartered in the ************* and ***** lead the ranking of the largest fintech companies worldwide by market capitalization. As of February 2025, the two largest companies were the payment companies Visa and Mastercard, both headquartered in the United States, with a market capitalization of roughly ***** and ***** billion U.S. dollars, respectively. Shopify ranked third, and Intuit ranked fourth with a market capitalization of *** billion U.S. dollars. European-headquartered fintechs, such as Adyen and Checkout.com, were also among the top fintech companies by market capitalization. United States: the land of unicorns The fintech sector is famous for being filled with successful companies that have turned into unicorns. The term unicorn refers to a privately held startup company that has a valuation that exceeds *** billion U.S. dollars. The United States had not only the largest fintech companies, but also the highest number of fintech unicorns. In addition, ***** out of the *** most valuable fintech unicorns were headquartered in the United States. Mobile payment trends and market penetration Mobile payment solutions are gaining traction globally, with some services showing strong regional preferences. Venmo, a U.S.-based digital wallet owned by PayPal, demonstrated an ***** percent year-on-year growth in total payment volume, reaching ** billion U.S. dollars in the first quarter of 2024. While Venmo's market share is highest in the United States, it has also gained significant traction in Latin America, with nearly **** percent of Venezuelan merchants integrating Venmo into their websites. This trend highlights the growing importance of mobile payment solutions in both developed and emerging markets.

In 2025, the mobile wallet market is projected to reach approximately USD 349,660.8 million, with expectations to grow to around USD 3,846,825.2 million by 2035, reflecting a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period.

Metric	Value
Market Size in 2025	USD 349,660.8 Million
Projected Market Size in 2035	USD 3,846,825.2 Million
CAGR (2025 to 2035)	27.1%

Country-wise Outlook

Country	CAGR (2025 to 2035)
USA	27.5%

Country	CAGR (2025 to 2035)
UK	26.8%

Country	CAGR (2025 to 2035)
EU	26.6%

Country	CAGR (2025 to 2035)
Japan	27.1%

Country	CAGR (2025 to 2035)
South Korea	27.0%

Competitive Outlook

Company/Organization Name	Estimated Market Share (%)
Apple Inc. (Apple Pay)	18-22%
Google LLC (Google Pay)	14-18%
PayPal Holdings, Inc. ( Venmo , PayPal Wallet)	12-16%
Samsung Electronics Co., Ltd. (Samsung Pay)	10-14%
Alibaba Group ( Alipay )	8-12%
Others	26-32%