today you are anouncing it's out of beta, but how toss the businesses to yew venmo.is the beloved way that mill len yams move their money. as you mentioned, we did $4 million last quarter, up 140%. in order to get more functionality, we're opening it up from a peer-to-peer service, for a user to be able to shop at different merchant yew the ven mo account. we've been piloting that. first we took it to a million customers, then 3.5, now we're opening that pilot to a full launch for the entire venmo base. we're very encouraged. we have an initial said of merchants. >> when i read your earnings record and listen to your earnings call and see the analysts who are participating, it's a lot of internet analysts and tech analysts, bur you're talking about things like consumer credits. do you need to be covered by bank analysts? are you more of a basic? >> we're covered half by financial analysts and half by tech. it's thinking about and reimagining financial services. i think we're going to be more change in the next five years than we have seen in the last 30. that will be

. >> reporter: like maggie and charlie, they are more often using peer-to-peer payment apps like venmo. >> it's easy. i just click on my app and click an amount, choose recipient and send it. boom, it's there. >> reporter: there are a number of other high-tech payment option like google wallet and split wise to split bills or rent with friends. even with the new technology, the survey shows millennials may become more interested in credit cards as they get older. >> i think if i had a credit card i would consider myself a full adult in some weird way. so, yeah, i think a credit card is maybe in a few years. >> reporter: but for now, maggie is staying away from credit. kenneth craig, cbs news, new york. >> and let's check the big board right now and see how stocks are doing. you can see the dow is up about 14 points. >>> planning to get away this summer? southwest just announced expansion to their oakland service. the airline will add nonstop flights to two cities in mexico, san jose del cabo and puerto vallarta both popular tourist destinations. last month southwest added new flights p

i use venmo, which is social mobile payment owned by paypal it uses part of aws. spotify uses it. really is the backbone of the internet and the mobile revolution and clear winner. they strolled ecosystem. they're the uber of the cloud computing space. david: right. >> microsoft provides a different type of service, same with google. they're really differentiated. david: jeff, another thing about amazon, their third party sales are growing tremendously. a lot of times i want to get into prime product, i see it, i'm a prime member and it is cheaper and deliver it quickly, they send me to third party, i don't get all the advantages but however they make a lot of money from third party sales, don't they? >> they do. come with longer delivery cycles are charge more for actual shipment of them, but making a lot of money off third party products. one thing i point out they're having a little bit of issue with, sometimes the quality of those products. theres have been a little bit of push back and authenticity and how they look out for quality control, making sure how those actually perf

>>> mastercard is joining the ranks of paypal, venmo, and apple pay.ails, coming up. >>> but first, persian square's bill ackman weighing on valeant and former michael pearson's sale of millions of shares. what he had to say earlier today, next. you're watching cnbc, first in business, worldwide. hands? it like tod man, it's like pure power at your finger tips. like the power to earn allstate reward points, every time i drive. ...want my number? and cash back for driving safe. and the power to automatically find your car... i see you car! and i got the power to know who's coming and when if i break down. ...you must be gerry. hey... in means getting more from your car insurance with the all-powerful drivewise app. it's good to be in, good hands. >>> activist investor bill ackman sounding off about valeant today, talking to our scott wapner about jay michael pearson's move to sell millions of his shares. here's what ackman said about that and the future of the company. >> the stock still suffers a lot from uncertainty, obviously, there's been a pretty b