Another victim of their own pandemic success. With everyone using "free" money things they didn't need in 2020, there were an absurd amount of new PayPal accounts created and management thought they would grow a subscriber base like Netflix. With the benefit of hindsight, most were just one off uses. What is the point of PayPal when you can just use a credit card on most sites these days?
Venmo was a bright spot. Maybe one day they'll spin it off.We are evolving our customer acquisition and engagement strategy, and we now expect to add 15 million to 20 million net new customer accounts this year. In addition, we no longer believe that the 750 million medium-term account aspiration we set last year is appropriate. I'll explain. Over the past 2 years, we've added more than 120 million customer accounts to our platform. This is, without question, remarkable growth and a complete step change from our trajectory prior to the pandemic.
Management hyped the addition of crypto when it was going up, but there was very little mention of it on this call.We have over 83 million people using Venmo right now in the United States. Think about that as a percentage of the population. Yes, it's 1 like out of every 3.5 people in the U.S. is using Venmo right now.
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