PayPal processed a total of $31 billion in mobile payment volume in the fourth quarter of 2016, according to the company's latest financial report.

This figure represents an increase of 53 precent over the same period in 2015. Mobile payments represented 31 percent of the company's $99 billion in payment volume in Q4.

Venmo, the company’s social payments platform, processed $5.6 billion in total payment volume, up 126 percent from the same period in 2015. 

PayPal said that In the five days between Thanksgiving and Cyber Monday, it processed more than $2 billion in mobile payments, accounting for one-third of total payment volume for the period.