What is Venmo? Venmo Review, Features

Venmo is a mobile payment service under PayPal that provides users with a new social payment method. Founded in 2009, Venmo APP pioneered the concept of social payment, which puts users' transactions and memos into a conversation flow full of emojis.

About Venmo

Venmo is an application software launched by Paypal. It is fun and simple. It can be used for transferring money between friends and spending on e-commerce platforms. Users can use the balance in Venmo or the associated debit card to quickly transfer money to friends or family. Users can also add notes to transfers with their favorite emojis, or comment on friends' stories and like them. Venmo makes it easy to check your financial status. It is free to use your balance, bank card account, debit card or prepaid card, but a 3% handling fee is charged for credit cards.

Users can make purchases, pay in installments, or transfer money to friends on Venmo, which can better avoid the need for cash. In addition, Venmo users can also choose to share what they have purchased on social networks, and then view and comment on the purchased items in their feed.

User Groups

A survey by innovative design company Tallwave shows that convenience is the primary reason for many American consumers to adopt mobile payments. Two-thirds of the respondents said they had used PayPal's mobile app, and 37% had used Venmo. Venmo is especially popular among young people. According to Tallwave statistics, 25% of people under the age of 24 use this app, and they mainly pay for friends.

Development History

-In 2009, founders Magdon-Ismail and Kortina founded Venmo.

-In 2012, Venmo was acquired by Braintree for $26.2 million and continued to operate independently.

- In 2013, eBay acquired Braintree for $800 million and merged it into its PayPal division. As a result, Venmo went from being an isolated competitor to a member of the umbrella of online payment giant PayPal.

-In the third quarter of 2014 (Q3), Venmo processed a total of $700 million in transactions, about 50% more than the previous quarter.

-In April 2016, Apple selected the top ten apps for iPhone, and Venmo ranked fifth.

-In 2016, Venmo completed $18 billion in transactions, reaching $5.6 billion in the last quarter, a year-on-year increase of 126%.

-In October 2017, PayPal launched the Pay with Venmo service. Since its launch, the service has cooperated with more than 2 million merchants, allowing users to pay for online purchases using Venmo's app balance, bound bank cards or accounts. By cooperating with merchants, Venmo can earn a handling fee of 2.9% + $0.3. Since its launch, 17% of Venmo users have participated in this charging experience.

-In 2018, PayPal's Q2 financial report showed that the amount of payments processed by Venmo reached US$14.2 billion, continuing to grow, up 78% from the same period last year.

-In 2018, Shopify added the Venmo checkout feature for US merchants using the PayPal Checkout service, allowing users to complete purchases through Venmo directly in online stores with just a few clicks.