Venmo is a peer-to-peer (P2P) payment app available on iPhones and Android phones that allows for quick and easy direct and easy exchanges between individuals. Founded in 2009, Venmo began as a text messaging payment delivery system. Then, in March 2012, the company introduced a platform with an integrated social network, to benefit the growing P2P economy. In less than six months, Bryantry, the mobile payment system used by Airbnb, Ober, and other e-commerce companies, acquired Venmo for 26 26.2 million. Less than a year later, Venmo enjoyed a significant increase in customers, with payment company PayPal Holdings Inc. acquiring Braintree for 800 800 million and rapidly raising money from Venmo’s customer base.
How can you use Venmo?
In general, you can utilize Venmo in two different ways.
- Return to friends and family for shared expenses
- Buy products or services from Venmo partners
- Examples of how you can use Venmo include:
- Send your share of rent to your roommate
- Request your friend’s share in the bar tab
- Paying for takeouts from the food app partner with Venmo
Other non-business installments with people you know and trust
Start by linking to your bank account or debit or credit card for whatever you use Venmo for, and then you can immediately send and receive it to anyone or anyone you know who uses the app. Are You can also send payments and requests to non-users, who will then prompt you to sign up. You will receive a notification if they sign up, but, if they do not, you will have to collect or send money using another method. (It’s not easy to be an early adopter.)
Setting up Venmo
When you first sign up, your sending limit is $ 299.99. Once you have successfully verified the last four digits of your SSN, your zip code, and date of birth, you will be able to send up to 992,999.99 per week. Venmo is free if you send money from your bank account, debit card, or Venmo balance. If you send money using a credit card, Venmo charges a 3% fee. Venmo does not charge a fee or use it to make in-app purchases.
Once you’re set-up, you can use Venmo in any way you like: payback for dinner to a friend, send your share of cable bill to your roommate, or friends or Request family members to pay for shared Airbnb or HomeAway rentals. Make sure you use Venom only with people you know and trust.
While PayPal owns the company, it does not offer the same protection as a purchase. So if you’re selling something online to someone you’ve never met, it’s best not to use Venmo for transactions. Rely on PayPal or other payment services that protect against scams and can help you in case of non-payment.
Is Venmo better than PayPal?
Although PayPal and Venmo are both digital wallets, the main difference is that PayPal is widely used by large and large businesses, while Venmo is mostly used for transactions between friends. ۔