How Many People Use Venmo? (2019–2026)
As the popularity of digital wallets rises, so has the number of Venmo users. If you’re a small-business owner thinking about using Venmo as a payment service, knowing how many people use Venmo and how the number of Venmo active users has evolved in recent years can help you arrive at a decision.
Here’s a breakdown of how many use Venmo today and over the past few years, and a forecast of how this is expected to change in the coming years.
How many users does Venmo have in the United States?
According to recent data, there are 77.7 million active users of Venmo in the US in 2022. This represents a 10.8% annual increase from 2021.
The research shows that the number of Venmo users has been rising year after year. In 2019, there were 41.5 million active Venmo users. This figure rose by 50.8% in 2020 to 62.6 million. Analysts attribute this significant increase to the COVID-19 pandemic, which forced people to stay home and carry out purchases and make payments online. In 2021, the number of Venmo users in the US increased by 12%, to 70.1 million.
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The number of Venmo users is expected to continue rising in the next few years, but at a much slower pace. In 2023, the company is forecasted to grow its number of active users by 9.5%, to 85.1 million. This is predicted to rise by 7.2% and 6.5%, to a total of 91.2 million and 97.1 million in 2024 and 2025, respectively. Experts expect the number of Venmo users to surpass 100 million for the first time in 2026, with a 5.4% annual increase from the previous year.
From 2020 to 2022, the average annual growth rate of the number of Venmo users is expected to be 24.6%. In comparison, from 2023 to 2026, this figure is forecast to be 7.1%, nearly a third of the growth rate from 2020 to 2022.
Analysts say the increase in the number of Venmo users in recent years has been largely driven by millennials, who mostly enjoy the service the company provides that allow individuals to send and receive money at no cost.