Venmo is one of the myriad of PayPal mobile payment applications designed to simplify financial transactions. With this tool, registered users can send and receive money as well as pay for purchases. Venmo can only be used in the United States, but that hasn't stopped it from reading more than 200 million Venmo transactions.
Venmo, a simplified financial transaction network
Venmo is a mobile payment service officially launched in early 2012. It is a large-scale business with annual revenues of more than $ 1.5 billion. The Venmo app for running services is much faster than normal bank transfers and is also simpler. Venmo gives users the ability to pay for goods and services in registered businesses using a credit or bank account or credit card. Users can send chat messages with emoticons to the recipient of the money. They can also make their transactions public and share what they bought when and where.
Using the app is pretty straight forward. The debtor selects the creditor on his Venmo network, by e-mail address or telephone number, enters the amount and the reason for the transfer and presses "send". The receiver only has to confirm the transaction. There is no charge as long as the app, which is available on iOS and Android, is connected directly to the bank account or, unlike PayPal or Google Wallet, to the debit card.