Venmo rainbow-color variant added

It’s been a tit-for-tat scenario for PayPal (PYPL) and Square (SQ) in the mobile peer-to-peer payment market. In an apparent attempt to set its Venmo peer-to-peer service apart and entice more people to take up the service rather than Square’s Cash Card, PayPal recently expanded the color selection of its Venmo card. The Venmo card, which debuted with six color options, is now available in a limited-edition rainbow variant.

PayPal Ups Its Competition with Expanded Card Variety

Venmo’s monetizable base expanding

PayPal and Square make money when people use the debit cards linked to their peer-to-peer payment services to pay for purchases. PayPal is still in the early stages of monetizing Venmo, but is making progress. The company disclosed last month that Venmo’s monetizable base reached 29% in the fourth quarter, up from 24% in the previous quarter. However, it doesn’t disclose how many people use Venmo. Square recently said that its Cash App more than doubled its user base year-over-year at the end of last year, to 15 million from 7.0 million.

Competition in the peer-to-peer payment market is heating up as companies look to cash in on the growing demand for convenient payment solutions. In 2017, Google (GOOGL) launched a mobile payment service in India called Tez, and Facebook (FB) is conducting trials of a mobile payment service tied to its WhatsApp chat platform in India. America’s big banks, led by JPMorgan Chase (JPM) and Bank of America (BAC), are rallying behind Zelle, a mobile payment service.

Latest articles

WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.

After FCC Chairman Ajit Pai recommended the approval of the T-Mobile–Sprint merger, Representative David Cicilline urged the FCC to allow public comment.

Cresco Labs (CRLBF) is set to report its Q2 earnings on August 21 after the market closes. The company's stock fell 5.3% yesterday.

Cannabis stocks mostly traded in positive territory today. Supreme Cannabis (FIRE) and Aurora Cannabis (ACB) rose about 9.5% and 5.5%, respectively.

NVIDIA (NVDA) stock soared 6% in today’s trading session as its Q2 earnings for fiscal 2020 beat estimates. However, its guidance missed estimates.

Nio Inc. (NIO) has disrupted the automotive space since 2014 but only made waves in the market since its IPO. Investors have suffered numerous setbacks.