In 2025, American consumers and small businesses sent more than $1.2 trillion using Zelle, delivering 20% year-over-year growth. That figure anchors any set of Cash App vs Venmo vs Zelle statistics, though neither rival reports volume in the same form. On the user side, Block says Cash App had 59 million monthly transacting actives as of December 2025, and PayPal says Venmo monthly active accounts reached 67 million, up 7% year-over-year in the fourth quarter.
A record 100 million bank and credit union accounts used Zelle in December 2025, and Zelle is owned and operated by Early Warning Services. Each operator defines users and volume differently, so the figures below carry their definitions, and unpublished metrics are marked not disclosed.
Key Takeaways
- Zelle handled 4.2 billion total transactions, a 16% increase in 2025.
- Venmo’s four 2025 quarters of total payment volume add up to $328.9 billion.
- Cash App generated $1,973 million of gross profit in Q2 2026, and Cash App gross profit grew 31% year over year.
- PayPal reported that Venmo revenue grew approximately 20% year-over-year to $1.7 billion in 2025.
- Zelle states that only 0.02% of all Zelle transactions result in a report of fraud or scam.
- The CFPB ordered Block to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million over Cash App.
- The New York Attorney General alleges scammers used Zelle to steal over $1 billion between 2017 and 2023.
Editor’s Choice
- Cash App monthly transacting actives: 59 million in June 2026.
- Cash App inflows in 2025: $316 billion in inflows into Cash App.
- Venmo active accounts: over 100 million active accounts in 2025.
- Venmo payment volume, 2Q 2026: $93,806 million of Venmo TPV.
- Zelle daily average in 2025: An average of $3.4 billion moved every day.
- Zelle small-business accounts: 8.3 million enrolled small-business bank and credit union accounts in the first half of 2026.
Cash App vs Venmo vs Zelle Statistics at a Glance
- Block’s Cash App statistics rest on one core metric: A transacting active user is a Cash App account that has at least one financial transaction using any product or service within Cash App during a specified period.
- PayPal fixes the window at the month of measurement: Venmo MAAs are active Venmo accounts that have completed a transaction at least once during the month of measurement.
- Zelle reports enrolled users, and in 2024 the network reached 151 million enrolled users.
- Cash App reported PBAs grew 17% year over year to 9.4 million in Q2 2026.
- Venmo’s wider count is over 100 million active accounts for 2025, alongside 31 Venmo TPA, or transactions per active account over 12 months.
- Early Warning does not publish Zelle revenue, and the cited Block filings give no Cash App transaction count, so those cells read “not disclosed” below.
| Metric | Cash App | Venmo | Zelle |
|---|---|---|---|
| Headline user count | 59 million monthly transacting actives (June 2026) | 67 million monthly active accounts (Q4 2025) | 100 million accounts used Zelle (December 2025) |
| Other published count | 9.4 million primary banking actives (Q2 2026) | Over 100 million active accounts (2025) | 151 million enrolled users (2024) |
| Money moved | $316 billion of inflows (2025) | $93,806 million TPV (2Q 2026) | More than $1.2 trillion sent (2025) |
| Transactions | Not disclosed | 31 per active account (12 months) | 4.2 billion (2025) |
| Revenue or profit | $1,973 million gross profit (Q2 2026) | $1.7 billion revenue (2025) | Not disclosed |
Source: Block Q2 2026 Shareholder Letter and 2025 Form 10-K, PayPal Q4 2025 Earnings Presentation and Earnings Call, PayPal 2Q 2026 Earnings Presentation, Zelle 2024 and 2025 Results
The money moved row mixes periods: Venmo TPV covers one quarter, while Cash App inflows and Zelle dollars sent cover a full year, so those figures are not comparable.
About This Data
Figures come from 18 sources: 6 SEC filings and earnings documents from Block and PayPal, 6 company press releases, 3 published fee and help pages, and 3 government sources. The filings include Block’s Q2 2026 shareholder letter. Sources run from 2025 to September 2026. Only first-party company and government disclosures qualify, and figures are updated when the operators publish new results.
Venmo Total Payment Volume by Quarter
- Venmo TPV moved from $75,942 million to $93,806 million between 1Q 2025 and 2Q 2026.
- On the Q2 2026 call, PayPal said Venmo TPV continues to reach new highs, delivering 14% growth year-over-year and marking the seventh consecutive quarter of double-digit growth.
- Venmo’s 2025 quarters sum to $328.9 billion of payment volume.
- Venmo’s slowest growth in the run was 10% in 1Q 2025, before five quarters at 12% or more.
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The $93,806 million peak in 2Q 2026 also lifted Venmo’s weight inside PayPal: Venmo was 19% of total TPV in 1Q’26 and 2Q’26, against 18% in 2Q’25. Our Venmo statistics track the same series back further.
View the data
Recent Developments
- September 1, 2026: Block announced that it will open the Cash App Score to external lenders for the first time, with Nova Credit as a distribution partner.
- August 19, 2026: PayPal announced new integrations with three of the nation’s leading education payment platforms, Illumia, Nelnet Campus Commerce, and TouchNet, that give students and their families the option to pay tuition and fees directly with PayPal or Venmo.
- First half of 2026: Zelle said that during the first half of 2026, small businesses enrolled in Zelle tag at an average rate of approximately 3,500 per day, as enrollment tops 1 million small businesses.
- August 10, 2026: Venmo went live on Google Play, where customers can use their Venmo balance, linked bank account, credit, or debit cards to pay for apps, games, in-app purchases, and subscriptions.
- Q2 2026: Block’s Q2 letter said it launched stablecoins on Cash App, expanding financial access for our customers through a seamless integration with USDC.
- Q2 2026: The same letter said Cash App Tags drew more than 3 million requests to be notified of future Cash App Tag drops.
Monthly Active Users: How Each App Counts
- Cash App monthly transacting actives went from 57 million to 59 million between Q2 2025 and Q2 2026.
- Block notes that some of these accounts may share an alias identifier with one or more other transacting active accounts, such as families.
- Cash App primary banking active accounts rose from 8.0 million to 9.4 million over the same five quarters.
- Venmo’s monthly active accounts reached 67 million, up 7% year-over-year at the end of 2025.
- PayPal said Venmo reached over 100 million active accounts in 2025.
- Zelle reaches more than 160 million bank and credit union accounts, a count of accounts that can use it rather than accounts that did.
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What is more popular, Zelle or Cash App?
The published counts cannot settle it. Zelle reports that a record 100 million bank and credit union accounts used Zelle in December 2025, while Block reports 59 million Cash App monthly transacting actives that month. The two counts are not like-for-like.
Zelle Network Volume and Transactions
- Zelle sent over $1 trillion in 2024, a 27% increase in total dollars from 2023.
- Transaction volume on Zelle totaled 3.6 billion, a 25% increase from the prior year in 2024.
- 2025 marked the second consecutive trillion-dollar year for the network.
- In August 2025, Zelle also shattered its own record, moving more than $9 billion in a single day, a 12% increase over its previous high.
- In 2024, there were more than 2,200 financial institutions on the Zelle network, 95% of which are community banks and credit unions.
| Metric | 2024 | 2025 |
|---|---|---|
| Dollars sent | Over $1 trillion | More than $1.2 trillion |
| Growth in dollars sent | 27% | 20% |
| Transactions | 3.6 billion | 4.2 billion |
| Transaction growth | 25% | 16% |
| Enrolled users | 151 million | Not in cited release |
| Accounts used in December | Not reported | 100 million |
Source: Zelle 2024 Results, Zelle 2025 Results
By the numbers: Zelle reported $1.2+ trillion in payments, up 20% year over year, and 4.2 billion total transactions, a 16% increase in 2025, and an average of $3.4 billion moved every day. Dollars grew faster than transactions.
Our Zelle statistics follow the network’s longer history.
Cash App Inflows and Inflows per Active
- Block reported $316 billion in inflows into Cash App in 2025.
- Cash App inflows rose from $77 billion to $87 billion between Q2 2025 and Q2 2026.
- Inflows per transacting active grew 9% year over year, driven in part by more customers bringing their paychecks into Cash App in Q2 2026.
- In Q4 2025, Cash App monthly transacting actives brought in an average of $1,410 of inflows during the quarter.
- Inflows count money arriving from any channel, so they are not peer-to-peer volume.
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Total inflows peaked in Q1 2026 and eased in Q2, and per-active inflows followed the same shape, at $1,494 and then $1,469 per transacting active.
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Cash App Gross Profit and Venmo Revenue
- Cash App gross profit rose from $1,501 million to $1,973 million between Q2 2025 and Q2 2026.
- Year-over-year growth peaked at 38% in Q1 2026 before easing to 31% in Q2 2026.
- PayPal said Venmo is on track to exceed $2 billion in revenue ahead of plan.
- PayPal reported 14% ARPA growth for Venmo monthly actives in 2025.
- Gross profit is net of costs and revenue is not, so the two lines are not like-for-like; the Square vs PayPal comparison runs the same check at the parent-company level.
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Why it matters: Cash App earned $1,973 million of gross profit in Q2 2026, and Cash App gross profit grew 31% year over year. Early Warning does not publish Zelle revenue.
Card Spending, Checkout and Lending
- Commerce Enablement volume grew 17% year over year to $56.5 billion, reflecting strength in Cash App Card and Afterpay BNPL in Q2 2026.
- Cash App Consumer Lending origination volume grew 59% year over year to $18.9 billion, driven largely by Cash App Borrow origination volume growth.
- As of June, nearly 4 million monthly transacting actives pay phone bills on Cash App.
- PayPal said Venmo Debit Card users are using them more frequently, with monthly active accounts up more than 50% year-over-year.
- In Q2 2026, customers using both the Venmo Debit and Pay with Venmo generated more than nine times higher ARPA than peer-to-peer only users.
- Pay with Venmo and buy now, pay later continued to outpace the market, taking share from other payment methods and growing 44% and 26%.
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Fees and Transfer Speeds
- On Cash App, Instant transfers typically arrive immediately to your linked debit card and are subject to a 0.5% to 2.5% fee.
- Standard transfers are free and usually arrive within 1-3 business days on Cash App.
- Block says it offers the peer-to-peer service to Cash App customers for free when a linked debit account is used to fund a transaction.
- A Q1 2026 survey found 99.40% of consumer savings and checking accounts linked to Zelle do not charge a fee to send, receive, or request money.
| Fee | Cash App | Venmo | Zelle |
|---|---|---|---|
| Send from bank or debit card | Free | Free | No fee at 99.40% of linked consumer accounts |
| Send with a credit card | Fee charged to sender | 3.00% | Not published |
| Standard transfer out | Free, 1-3 business days | Free | Not published |
| Instant transfer out | 0.5% to 2.5% (minimum $0.25 to $1, maximum $75) | 1.75% (minimum $0.25, maximum $25) | Not published |
Source: Cash App Help Center, Block 2025 Form 10-K, Venmo Fees, Zelle
Our Venmo vs Cash App statistics break down the fees further.
Small Business Payments on Zelle
- In 2025, nearly 30% of all dollars sent on Zelle went to or from small businesses.
- Zelle counted 647.6 million small-business transactions, up 23.5% in 2025.
- Zelle counted 7.7 million enrolled small businesses, up 15% in 2025.
- Small-business payments reached $357 billion, up 26% in 2025.
| Metric | Value | Period |
|---|---|---|
| Small-business transactions | 647.6 million | 2025 |
| Enrolled small businesses | 7.7 million | 2025 |
| Small-business payments | $357 billion | 2025 |
| Enrolled small-business accounts | 8.3 million | First half of 2026 |
| Sent or received by small-business accounts | More than $200 billion | First half of 2026 |
| Received by Zelle tag businesses | Nearly $5.8 billion | First half of 2026 |
Source: Zelle 2025 Results, Zelle Tag Release
Neither Block nor PayPal breaks out small-business peer-to-peer figures in these filings, so the comparison here is Zelle-only. The Zelle vs Venmo data sets the network against Venmo’s consumer base.
Fraud, Safety and Regulatory Actions
- Zelle says more than 99.98% of Zelle transactions are completed without a report of fraud or scam.
- Zelle requires financial institutions to reimburse customers 100% for all instances of confirmed fraud, plus certain qualifying imposter scams.
- The New York Attorney General alleges that EWS designed Zelle without critical safety features, allowing scammers to easily target users and steal over $1 billion between 2017 and 2023.
- That suit followed after the Consumer Financial Protection Bureau (CFPB) abandoned a similar lawsuit, filed in December 2024.
- Congress passed a joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications”, which became Public Law No. 119-11 in May 2025.
| Item | Operator | Figure |
|---|---|---|
| Transactions with a fraud or scam report | Zelle | 0.02% |
| Alleged scam losses, 2017 to 2023 (New York lawsuit) | Zelle | Over $1 billion |
| CFPB-ordered redress | Cash App (Block) | Up to $120 million |
| CFPB civil penalty | Cash App (Block) | $55 million |
| Federal supervision rule for large payment apps | Digital payment apps | Disapproved, Public Law 119-11 |
Source: Zelle, New York Attorney General, Consumer Financial Protection Bureau, Congress.gov
Worth noting: Zelle’s 0.02% report rate counts reports, not losses. A small share of a network moving over a trillion dollars a year can still add up to large sums, which is why the New York lawsuit focuses on totals while Zelle focuses on rates. The wider peer-to-peer payment app statistics show the same tension across the category.
Which is safer: Zelle, Venmo or Cash App?
No source reviewed here ranks the three apps on safety. Zelle reports only 0.02% of transactions result in a report of fraud or scam and requires reimbursement of confirmed fraud, while the CFPB ordered Block to pay up to $120 million in redress over Cash App.
Why is Zelle being discontinued?
Only the separate app was retired. While the stand-alone app is no longer accessible, Zelle continues to be available through more than 2,300 banks and credit unions.
The change moved Zelle fully inside banking apps; it did not shrink the network. Zelle still logged 4.2 billion total transactions in 2025.
Conclusion
The three apps answer different questions. Zelle moved more than $1.2 trillion in 2025, Cash App counted 59 million monthly transacting actives in June 2026, and Venmo reported 67 million monthly active accounts at the end of 2025, each on its own definition. Each reports money moved its own way: Zelle as dollars sent, Venmo as total payment volume, and Cash App as inflows. Cash App gross profit is a separate earnings measure.
The next test is monetization outside peer-to-peer. PayPal says Venmo is on track to exceed $2 billion in revenue ahead of plan.
