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 people use Venmo today and a forecast of how this is expected to change in the coming years.

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How many users does Venmo have in the United States?

According to recent data, there are 62.8 million active users of Venmo in the US in 2023. This represents 22.3% of the total population, which means that more than one out of every five US consumers is a Venmo user.

The research shows that the number of Venmo users has been rising year after year and this growth is expected to continue over the next few years. In 2024, analysts forecast that there will be 68.3 million active Venmo users, an 8.8% annual increase. This is the largest yearly growth predicted between 2023 and 2027. 

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This figure is set to rise by another 6.7% in 2025, to bring the number of Venmo users in the US to 72.9 million. In the following two years, the company is forecasted to grow its number of active users at a slower rate. The number of Venmo users is expected to rise by 4.9% in 2026 and 4.8% in 2027, to 76.5 million and 80.2 million, respectively. By 2027, this will constitute 27.6% of the overall population, an increase of 5.3 percentage points in four years. In other words, more than one-quarter of the US population in 2027 will be actively using Venmo.

From 2023 to 2027, the number of Venmo users in the US is expected to increase by 17.4 million overall. This marks an increase of 27.7% and an average annual growth rate of 6.3%.

Analysts say the increase in the number of Venmo users in recent years has been largely driven by millennials, who mostly enjoy the services the company provides that allow individuals to send and receive money at no cost.

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