The volume of payments processed by Venmo increased by 154% between first quarter 2015 and first quarter 2016, RE/CODE reported. Venmo processed $1.26 billion worth of payments in first quarter 2015 and $3.2 billion in first quarter 2016. That’s an increase of $1.64 billion in just a year, and PayPal has not even enabled the use of Venmo for retail transactions yet.