Every American has heard about Venmo at some point in time. Venmo is a convenient way to manage money transactions online. It operates similarly to a bank account or a debit card. We will explain to you in detail everything you ever wanted to know about Venmo.
What is Venmo?
Venmo is an app similar to PayPal and is available for both Android and iOS users. Venmo app is a simple and quick way to exchange money between individuals. Ideally, an app that makes it easy for friends and families to share or split bills, reimburse cab rides, or pay your roommates your share of the rent. A Venmo account is linked to a bank account or a debit/credit card and also an in-app balance view feature.
Venmo is quite trendy as it comes with social interactions, every payment made is published on social media such as Facebook or Twitter with a message attached and the dollar amount removed.
Who owns Venmo?
Early in 2012, it was Venmo was purchased by Braintree and later in 2013 by PayPal. PayPal has brought many interesting features to the platform after its takeover. Both the platforms share the same business space and have a good competitive edge two.
How does the Venmo app work?
You can download the Venmo app from Google Play Store or Apple App Store. Once you download the app, you need to create an account. You can add a US bank account or credit/debit card to send money. Unlike PayPal, users of the Venmo app can only send and receive money across the United States. It does not support transactions outside the USA.
The app acts as an intermediary and sends money from your account to the other user’s account. Funds will be deducted from the sender’s account, you can also send money using your bank account, debit card, or credit card.
Is Venmo Service Free?
The service is free for users who link a bank account or debit card with the app. While for other users it charges a fee of 3% for each transaction that originates via the credit company itself. This fee is transferred to the customers.
The app makes profits from sources such as instant transfers, where it charges 1%, a minimum of 0.25$ or max 10$ as a service charge for sending money from the app to a US bank account or a debit card. Anyone can receive money in 30 minutes across America. If you wish to transfer money for free it will take you 1 to 3 business days for a successful transaction.
The Venmo app is widely used across America and has a retail network of over two million where is accepted in America.
Venmo – Is it Safe to Use?
The app encrypts your data and stores it in secure locations. This makes it difficult for hackers to breach security, though one must always be cautious while making money transactions using any app in general.
Venmo app is also accompanied by some other security features that keep you safe. Users are asked for a PIN for each transfer, in case you lose your phone or doubt someone else using your phone you can log out of all devices remotely via the companies official website.
In general, the app is meant for transactions between friends and family, but you need to be aware of cybercriminals. Always need to be cautious when you enter your details. As we already mentioned the app posts comments on social platforms like Facebook or Twitter you need to be careful about what you type.
The app has maintained a clean track record since it was investigated by FTC in 2016. As of now, all issues have been sorted out and the platform is safe for all of us. A word of caution, do not use it as a replacement for your normal bank account.
Download Venmo App