How Does Venmo Work? In today’s mobile and internet-steered society, hard cash is out, and digital payments are in – and in the wake of the global pandemic, there are increasing concerns over cash’s hygiene. So, this trend is only predicted to continue.
Even bank cards are becoming more confusing and risky, as hackers and scammers make debit and credit card companies their fraud and theft subject.
Whereas, with digital payment services, it’s never been easier to send and receive money from the convenience of your smartphone. Millennials have long since been advocates of digital payments. However, the market is overcrowded with endless P2P payment apps, so picking the right one for you can seem like a thankless task.
One such leading P2P mobile app is Venmo – an app designed for making quick digital payments with just a few taps. In light of that, we’re putting Venmo under the microscope to answer the question: What is Venmo and how does it work?
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What is Venmo and How Does Venmo Work?
Launched back in 2009 as a startup, Venmo is a peer-to-peer payment platform owned by the well-respect financial institution, which is PayPal. Venmo allows users to send and receive money. With this handy smartphone app, you can request, send, and receive money to and from anyone who’s a Venmo user with a Venmo account. However, at the time of writing, Venmo’s only accessible to US residents.
To date, Venmo is a widely accepted payment system by approximately two million brick-and-mortar and online merchants. Wow! That number screams Venmo’s popularity in the United States. But, that’s not all; Venmo is also great for sending and requesting money from friends and family.
Have you ever been out for dinner or a movie and been left with the awkward chore of reimbursing family or friends? Or with asking your friends to pay back their portion of the bar tab?
If so, you’ll be pleased to hear that Venmo offers an easy solution. It makes splitting any payment a breeze – rent, dinner bills, cab fares, event tickets, and so on. It’s the answer to the complicated maths and awkward social situation that comes with any money-sharing scenario.