PayPal processed a total of USD 31 billion in mobile payment volume in the fourth quarter of 2016, according to the company’s latest financial report.
This figure represents an increase of 53% over the same period in 2015. Mobile payments represented 31% of the company’s USD 99 billion in payment volume in Q4.
Venmo, the company’s social payments platform, processed USD 5.6 billion in total payment volume, up 126 % from the same period in 2015.
PayPal said that in the five days between Thanksgiving and Cyber Monday, it processed more than USD 2 billion in mobile payments, accounting for one-third of total payment volume for the period.