PayPal surges 9% after solid earnings, growth in Venmo showing the app may finally become a moneymaker

www.cnbc.com

PayPal shares soar after the company beat expectations on earnings and revenue and announces positive news about its peer-to-peer app Venmo. Twenty-four percent of Venmo users have now participated in what the CEO called a "monetizable action"— up from 17 percent in the second quarter and 13 percent in May. In September alone, PayPal said, it processed more than $1 billion in instant transfer volume on Venmo.

PayPal moving to monetize Venmo pretty quickly via interchange, merchant fees, and credit-like products such as instant payout.

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