Paying during a pandemic: Venmo, PalPal, and other money transfer apps are surging

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A new study of payment habits during the pandemic reveals a surprising trend: Even as lockdowns forced businesses to shut and consumers to stay home, use of peer-to-peer payment apps like Venmo has surged.

According to findings by Apptopia, which studies app usage, the use of the most popular money transfer apps has risen by nearly 11% since March 1.

According to Adam Blacker, a VP at Apptopia, the number of U.S. downloads for Venmo grew 16.5% and those for Square’s Cash App grew 20.1% from April to May. Meanwhile, PayPal downloads soared 32.3% during this period.

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