Venmo‘s payment transaction volume reached an all-time high in 2Q this year, PayPal reported.

According to yesterday’s earnings call, Venmo processed $14.2 billion in payment volume during the second quarter. This represents an enormous 78% YOY increase. Over a 12-month period, Venmo reported $46 billion in transaction volume.

In the earnings call yesterday, PayPal CEO Dan Schulman noted that Venmo’s net new active users hit an all-time record high in Q2 as well, although he did not disclose a number. PayPal in its entirety (including Venmo) added 7.7 million active users during the quarter, he said.

In comparison, bank-backed P2P platform Zelle disclosed in April that it processed over $25 billion in transaction volume. Zelle has not reported numbers since April.

Additionally, Schulman noted, without disclosing numbers, that Venmo’s new debit card, which went live last month, was also gaining momentum among users.

In the call yesterday, Schulman said:

We are quite pleased with the surge of initial demand for the Venmo card and it’s another great indicator of the tremendous brand affinity that the millennial generation feels towards Venmo.

We continue to make good progress with our Pay with Venmo service. In the quarter, we added Uber and UberEATS to the list of major brands offering distinct Venmo buttons to their customers.

We have also seen considerable growth in our service that gives customers a faster way to transfer funds to their bank account for a small fee. Since launch 17% of Venmo users have engaged in a monetized experience.

PayPal’s CEO Schulman had said earlier this year, that one of his major focuses would be on monetizing the P2P social payments app Venmo. And it seems like that’s happening.