Do you want to know how does Venmo work? Venmo is the most popular e-wallet mixed with a social network today. Many people will wonder how it works, how to use Venmo wallet as well as what advantages and disadvantages it has compared to other online payment platforms. This article will answer all of the above for you.
Basic information about Venmo
Venmo is a peer-to-peer payment application released in 2009. Currently this application is available on 2 operating systems, iOS and Android.
The main function of Venmo is to allow users to transfer money or receive money from connected contacts. They can also use it as a social network to chat about deals. Users can comment or like transactions on it.
In 2009, Braintree acquired Venmo, which is used as a payment system for services like Uber, Airbnb, etc.
In 2014, Venmo was sold to Paypal for 800 million dollars.
In 2021, Venmo has grown rapidly with more than 10 million transactions made every day. Today, users can use Venmo to buy and sell goods, pay for public services.
How the Venmo App Works
Venmo lets you connect with friends and family in the feed, so you can transfer or receive money from them.
You can also share your bills with friends on Venmo. Parties will no longer be lost when the uneven bill split occurs.
Venmo is more than just payments. The app also allows you to caption transactions with cute icons. You can drop hearts or comment on these deals. Your friends can also do the opposite.
You can also set up privacy, allowing who can see your transactions on Venmo.
Today, Venmo has grown even more. It creates an ecosystem of utilities that make it possible for users to trade on their phones. They don’t need to use cash to pay for Uber or shop at local stores.
You can also use your Venmo Mastercard® debit card to shop now and pay later. Your shopping dreams just got a whole lot easier.
In addition, Venmo also has a dedicated business section. They can use it to receive payments from customers. This is one of the features that helped Venmo grow rapidly. Because it helps businesses and their customers have a more perfect trading experience.
Is Venmo owned by PayPal? How is it different from Paypal?
This must be the question of many people because Paypal is so popular all over the world. Venmo is owned by Paypal. So is there any difference in Venmo for users to consider downloading it? Although both are e-wallets, you will find many differences between Venmo and Paypal:
- Vemo is available on iOS, Android and mobile web browsers. And Paypal is available in non-mobile web browsers, such as desktop computers.
- There is no fee to sign up for an account in either of these platforms. However, for credit card deposits, Venmo charges 3% and Paypal charges 2.90% + currency fees.
- Venmo does set a transaction limit whether you have not or have verified your identity. As for Paypal, once you have verified your identity, there is no transaction limit.
- Venmo is only available in the US while Paypal covers most of the world.
- Venmo allows you to comment or comment on transactions. It is truly a trading social network. And Paypal does not.
Conditions for trading on Venmo
Basically, you just need to create an account to be able to request money from friends and relatives. However, to master this application, you need to verify your identity; Link a bank account or card and verify the bank account or card.
Instructions for creating an account on Venmo:
- The first step, you need to download the Venmo application to your device
- Choose your preferred registration method, create a username and password
- You then need to verify your phone number by entering the security code that was sent to the phone number on the app
- If you are verifying your email, just go to the email, click on the link sent by Venmo to complete the verification
Instructions for sending or receiving money on Venmo
- To pay or request money with someone, click the circle icon in the lower right corner of the app and select the person you want to pay.
- Then you fill in the exact amount and get the option to request a transfer or pay the money.
- Finally click to complete the transaction
- The last step, you need to pay attention to customize the privacy of this transaction. You can set up who will see this transaction.
- There are 3 modes for you to choose: Public, friend or private. If you choose friend mode, this transaction will be completely hidden from the timeline.
- If you do not enter a note, this transaction will be made public, however the transaction amount will be hidden.
Is Vemo safe?
In fact, any financial application has certain risks. However, developers also try to build many security features to protect users, so does Venmo.
- The Venmo app uses user data encryption technology to ensure maximum security in transactions.
- You can also set up a PIN to prevent your phone from being stolen and someone trying to hack into your Venmo account.
- During use, you should note to change your password periodically, do not click on strange links and do not share your personal information with strangers.
- Any problems that arise can be contacted by the Venmo Help Center for answers.
Ways to contact Venmo Support Center:
- Visit Venmo’s website and go to the Support Contact section, you can fill out your request directly there.
- You can email Venmo
- You can chat directly with a support person right in the Venmo app
- Call them at: 855) 812-4430 (M – F, 10:00 a.m.–6:00 p.m. ET)
Above is information on how Venmo works. If you want to share your transactions like a social networking site and connect with your friends more than, Venmo is really useful for you. Venmo is not appreciated for its level of security, but since it belongs to Paypal, it has improved a lot. Whether you use Venmo or any other wallet, you need to monitor your transactions carefully to avoid scams.
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