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Peer-to-Peer Payment App Growth Slows

Venmo, the popular peer-to-peer payment app, processed more than $900 Mn in transactions during the fourth quarter of 2014. However, Venmo showed a slower quarter-over-quarter growth. While the company witnessed a growth rate of 50% between Q2 and Q3 of 2014, the growth rate between Q3 and Q4 was 29% only. As reported by BI Intelligence, there are a few possible explanations for this stagnation towards the end of the year. One could be decreased ad spend while another could be the holiday season which led to a lower number of peer-to-peer transactions. Venmo has gained significant popularity over the past year. By simply loading the app onto a smartphone, a user can connect to bank and credit-card accounts and link up with friends to send money on the go.

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