A free social payments app
Venmo is a free digital wallet and payments system that helps you make any purchase quickly and effortlessly. Currently only available in the U.S., the Venmo Android app lets you send or receive money via messages or QR codes. However, that’s not all! The app has a much-talked-about social angle called Venmo transactions, where all public transactions and their corresponding comments appear in a Facebook-like feed. The only aspect still hidden is the amount of each transaction.
What is Venmo?
Venmo is an online wallet and payments app designed to help people send money to one another. It is owned by PayPal and can be used to make purchases, both online and in person. It lets users add messages and comments to each transaction and supports the use of emojis. Considering its popularity in the U.S., it’s a great application to send and receive funds from your contacts and friends.
The app also has a social aspect to it, which means that it publishes a list of all transactions taking place on its platform. Unless you change your privacy settings, every payment you make will show up on the app’s public transaction feed. Some app users will soon be able to acquire a Venmo card that’ll work just like a Mastercard and let you spend your wallet balance.
How does Venmo work?
Once you download the Venmo app, you can easily register yourself by sharing your name, mobile number, and email ID. Another way to sign up for the application is by using your Facebook account. After you log in, you can start receiving payments directly in your wallet. Sending money is just as simple; all you need is the receiver’s phone number or email address.
In case the person you’re sending money to isn’t registered on Venmo, the new user category will mark the individual’s name. This person will have to create a Venmo account to access the cash.
That being said, you can always cancel the transaction if the person in question doesn’t wish to accept the payment via Venmo. The amount will be refunded back to your wallet or bank account, depending on your selection.
Venmo payment system lets you connect your debit card or bank account to your profile. You can also add your credit card to your digital wallet. However, you will not be able to transfer cash to your credit card. For the latter, you will either need a debit card or bank account. When you make any payment, the app first pulls money from your balance. If that’s not enough, it will ask you to add money from another source.
What can you do with Venmo pay?
Venmo is a handy tool for paying rent, sending money to retailers, and accepting cash from friends. If your contacts have the app installed, you can easily share costs and figure out who owes what when out on a social call. You can request and send money directly from the app and send reminders using emojis and fun texts.
In case you want to send money but aren’t sure about your friend’s number or username, you can easily scan the QR code affixed to each profile. This way, you won’t have to guess whether you have the right person. You can also accept payments in the same manner by sending your profile’s code to the person sending you money.
Apart from this, the Venmo Android app features a Facebook-like feed that lists all the transactions that take place on Venmo. That includes the transactions made by you, your friends, as well as the general public. While the list doesn’t display the amount transferred, it does show names and comments. Anyone looking for a transaction can do so easily using the readily-available filters.
Is there a monthly fee for Venmo?
You can download the Venmo app on your smartphone for free. However, there are a few charges that you should be aware of when using the application. If you move money from your Venmo account to your bank account without waiting for its three-day schedule, you can expect a 1% fee on said transaction. Additionally, a 3% charge gets levied on all transactions made using a credit card.
Are there any alternatives?
Venmo is a peer-to-peer payments application that only works in the United States. So, if you’re looking for a Venmo alternative, you might want to check out apps like Google Pay, Zelle, PayPal, and TransferWise.
Is the Venmo app secure?
Owned by PayPal, a popular payments app, Venmo is quite secure and uses data encryption to protect your private information. In case you lose your handset, Venmo also lets you log out of all devices via its website.
The only drawback is the social feed that shows all public transactions – a feature that most users may not like. However, there’s an easy fix. All you have to do is update your privacy settings, and your transactions will no longer appear in the app’s social feed.
