PayPal reported rapid growth for its US social payments brand Venmo in its second quarter, with the unit processing $14 billion in transactions – up 78 per cent year-on-year.

The performance of Venmo – which transfers small amounts of cash between customers using a social platform – comes despite increased competition in the sector from a number of vendors. A consortium of some of the US’ largest banks have also targeted these types of transactions through the Zelle service.

In its financial statement, PayPal once again pointed to the strength of its various mobile payment platforms – a sentiment that has been a regular feature of recent results as it continues to sharpen its focus on the sector.

During the three months to the end of June, the company processed $54 billion in mobile payments, representing 39 per cent of the total funds it handled across its markets, representing growth of almost 50 per cent year-on-year.

Its mobile payment statistics cover transactions made through mobile devices to merchants and person-to-person cash transfer through its PayPal, Venmo and Xoom brands.

Complete data sets for usage of each product are not revealed in its results statements.