Two peer-to-peer payments platforms competing for market share and consumer loyalty posted big gains in their 3Q18 earnings reports. While the third quarter was kind to both Zelle and Venmo, it’s certainly Zelle, which moved nearly double the amount of money moved by Venmo this past quarter, that’s winning the race.

Zelle, operated by Early Warning Services, which is itself owned by a collection of major banks and FIs, processed 116 million transactions and $32 billion worth of payments in the third quarter. According to its earnings report, released this week, transaction volume increased 16% and total money moved increased 13% over the previous quarter.

Since 3Q17, the P2P service has processed 375 million transactions worth a total of $106 billion, representing an 83% increase in transactions and a 67% increase in total money moved.

“Zelle is continuing to be at the forefront of consumers’ lives, as they look to move money in the moment, whether it be paying rent, sending money for emergencies or sharing the cost of utilities, meals and everyday experiences,” Lou Anne Alexander, Group President of Payments for Early Warning, said in a statement.

Early Warning said enrollment in Zelle via participating FIs has increased by 10%, “resulting in more than 75 million tokens — mobile numbers or email addresses — across the entire Zelle network to date.”

The company also touted a growing network of national banks, credit unions, and regional and community banks.

Paul Finch, CEO of Early Warning, said in a statement:

“Zelle is one of the fastest growing consumer financial brands in history and we are proud of our momentum, especially this quarter as we signed more than 40 financial institutions to our network through partnerships with our processors CO-OP, FIS, Fiserv, and Jack Henry & Associates. These partnerships are helping financial institutions stay at the center of their customer’s financial lives.”

Meanwhile, PayPal-owned Venmo saw its total payment volume increase by 78% year over year to $16.7 billion in 3Q18, according to PayPal’s earnings report released last week. The social P2P service has processed about $54 billion over the past year.

Dan Schulman, CEO of PayPal, said during the company’s earnings call that he was “especially pleased with the strong overall momentum surrounding Venmo.” He said Venmo’s annualized run rate is now approaching $70 billion.

“And while it is still early, our monetization efforts appear to be reaching a tipping point,” he continued. “24% of Venmo users have now participated in a monetizable action; this is up from 17% one quarter ago and 13% in May of this year.”

PayPal said it added 9.1 million active accounts overall in 3Q18, compared with an increase of 8.2 million the same quarter of last year. The company ended the quarter with 254 million active accounts in total.

Schulman said 3Q18 represented the fourth consecutive quarter with 15% growth in PayPal’s total active accounts.

“Account growth in the third quarter was driven by core PayPal followed by Venmo,” he said.

The company reported 2.5 billion payment transactions, up 27%, and $143 billion in total payment volume, up 24%, in the third quarter. About $57 billion in mobile payments, which includes the $16.7 billion coming in via Venmo, accounted for 40% of the overall total payment volume for PayPal in that span of time.

Schulman said Pay with Venmo’s monthly active users increased about 185% in September versus August. Across the Uber and Uber Eats apps, he said they saw more than 300% month-over-month volume growth.

“Our Venmo card is also off to a strong start with approximately 320% month-over-month growth in monthly active users from August to September,” Schulman added.

According to a recent report by eMarketer, a research company, Venmo will have an estimated 22.9 million U.S. users by year’s end, lagging behind Zelle’s 27.4 million projected users.

Even as things are looking up for Zelle and Venmo, both platforms may be looking over their shoulders as other digital players like Google are eyeing ways to capture more of the P2P payments market.