Difference between revisions of "Venmo"
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==Service== | ==Service== | ||
===How it Works=== | ===How it Works=== | ||
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| + | Users begin to set up their Venmo account and must choose how they want to pay other users. There are three options for this: | ||
| + | *Venmo balance | ||
| + | *Credit/debit card | ||
| + | *U.S. Bank account | ||
| + | Users can then pay and receive money using their Venmo account and the pay option that they have chosen. It is possible to have the money in a Venmo balance be transferred to a bank account. The user must add a bank account (savings or checking) to their Venmo account. Transfers to a user’s bank account will take about 1 business day. | ||
| + | |||
| + | There is a 3% fee on credit cards and some debit cards but receiving money through the Venmo app is always free.<ref>https://venmo.com/about/fees/</ref> | ||
| + | |||
==Security Issues== | ==Security Issues== | ||
==See Also== | ==See Also== | ||
==References== | ==References== | ||
Revision as of 06:30, 18 February 2016
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Venmo is a mobile payment application where users can instantly send and receive money through the application or web to other Venmo users. This is done by either putting money into a Venmo account or linking a bank account or debit card. The money can then be sent from Venmo to a bank account very quickly.[1] Braintree acquired Venmo in 2012 for $26.2 million.[2] Then, in 2013, PayPal acquired Braintree for $800 million in an all-cash deal.[3]
In Quarter 2 of 2015, company earnings showed that people sent $1.6 billion over Venmo.[4]
History
The founders of Venmo are Andrew Kortina and Iqram Magdon-Ismail. The two met at the University of Pennsylvania in 2001 where they were randomly assigned to be each other's roommates. Throughout senior year and a few years coming out of graduation, they began working on various projects and ideas. Venmo was launched in August 2009, however the originally idea was a music startup where people could send a text to a band and then receive an [MP3] via email. The idea for sending payments with technology supposedly came from a night where Magdon-Ismail forgot his wallet and owed Kortina money. The original design was for users to send and receive payments via text message. [5] This idea eventually has evolved into Venmo today where users can send money using the mobile application or web.
Service
How it Works
Users begin to set up their Venmo account and must choose how they want to pay other users. There are three options for this:
- Venmo balance
- Credit/debit card
- U.S. Bank account
Users can then pay and receive money using their Venmo account and the pay option that they have chosen. It is possible to have the money in a Venmo balance be transferred to a bank account. The user must add a bank account (savings or checking) to their Venmo account. Transfers to a user’s bank account will take about 1 business day.
There is a 3% fee on credit cards and some debit cards but receiving money through the Venmo app is always free.[6]
Security Issues
See Also
References
- ↑ https://venmo.com/about/product/
- ↑ http://www.bloomberg.com/bw/articles/2014-11-20/mobile-payment-startup-venmo-is-killing-cash
- ↑ http://techcrunch.com/2013/09/26/paypal-acquires-payments-gateway-braintree-for-800m-in-cash/
- ↑ http://thenextweb.com/apps/2015/07/16/people-sent-1-6b-over-venmo-in-q2-2015-more-than-double-this-time-last-year/#gref
- ↑ http://www.businessinsider.com/venmo-origin-story-facts-andrew-kortina-2014-6
- ↑ https://venmo.com/about/fees/
