February 19, 2015
Venmo, the popular peer-to-peer payment service, is suffering from a major outage. The Venmo status page shows that its web interface and API platform are dormant right now. The company is currently working on the fix but there is no certainty as to when the service will be up and running again. The Braintree owned Venmo app allows peer-to-peer money transfer, and is used for splitting checks, rent payment, etc.
Here is an illustration highlighting the current Venmo status page:
The Venmo status page also shows that the service faced an issue some days back that caused some payments and cashouts to not display in a user's feed. It seems more issues have sprung up and have escalated since then, eventually leading to the major outage.
Here’s how the Venmo homepage looks like currently:
The homepage, however, shows that Venmo is currently down citing system maintenance as primary reason.
Venmo processed more than $900 Mn in transactions during the fourth quarter of 2014, however, they showed a slower quarter-over-quarter growth. While the company witnessed a growth rate of 50% between Q2 and Q3 of 2014, the growth rate between Q3 and Q4 was only 29%. As reported by BI Intelligence, there are a few possible explanations for this stagnation towards the end of the year. One could be decreased ad spending while another could be the holiday season, which led to a lower number of peer-to-peer transactions.
The following illustration shows the mobile transaction volume trend in Venmo along with quarter wise growth rates. By the end of 2013, when the volume base was still below $400 Mn, Venmo enjoyed increasing quarter-over-quarter growth rates. But in 2014, when the volume base went beyond $500 Mn, the quarter-over-quarter growth rates began showing a downward trend.