PayPal CEO Dan Schulman (pictured) tipped mobile payment platform Venmo to record further rapid growth after the value of transactions processed on it increased 80 per cent year-on-year in Q4 2018.

During the company’s financial results call, Schulman said $19 billion worth of transactions had gone through Venmo during the quarter, adding it was “on pace” for almost $100 billion in total payment volume in 2019. This compares with $62 billion in 2018, which was a 79 per cent increase on 2017.

“I couldn’t be more pleased with our revenue trends and the numerous incremental trends we see for Venmo,” he added.

Transactions made from mobile devices across all of its brands comprised 41 per cent of all funds processed by the company in Q4, up from 36 per cent at the end of 2017. Mobile accounted for $67 billion worth of payments made by its customers in Q4 2018, up from $48 billion in Q4 2017.

Although its mobile sector showed strong growth the company reported a sharp drop in profit, down 6 per cent year-on-year to $584 million, on revenue of $4.2 billion, up 13 per cent year-on-year.