What Is Venmo And How Does It Work

Venmo is a peer-to-peer payment app for iPhones and Android phones that allows consumers to send and receive money quickly and easily.

Venmo’s payment volume was 60.6 billion USD in total in the 4th quarter of 2021, according to Statista, representing a 29 percent increase year over year.

Venmo launched as a text-message payment network in 2009. It then launched a platform with an incorporated social network in March 2012 to leverage the burgeoning P2P ecosystem. Venmo had been acquired for $26.2 million by Braintree, a mobile payment system used by Airbnb, Uber, and other e-commerce companies.


How Does Venmo Work?

If you are over the age of 18 with a bank account, debit card, or credit card, you can open a Venmo account by installing the Venmo app to their smartphone or joining up on the Venmo website.

After linking your bank details, you are free to send or receive money from anyone in the US who has a Venmo account.

You have the possibility to :

  • encash a check after verifying your ID by enrolling for a Venmo debit card or setting up direct deposit,
  • Sign up for direct deposit so that your paycheck can be deposited directly into your Venmo account up to two days sooner than normal.
  • Get price alerts for four different types of cryptocurrency (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash), which you may buy, trade, or keep using Venmo.
  • complete a Venmo transaction, scan an in-store QR code.
  • Pay for purchases made via approved Venmo merchants’ apps and websites.

Is Venmo Safe To Use?

Venmo is generally safe to use, even though sending actual money via an app looks risky as it protects your bank details using strong encryption technology, which means that no one else can view your credit card or bank account.

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