Venmo, a PayPal Inc service, was founded in 2009. Today, it has over 80 million users. This P2P payment app not only allows the transfer of money to friends and family in an instant but also allows users to make purchases with authorized merchants. Although there is no cost to send money through Venmo, there is a 3% per transaction fee if you use a credit card instead of a debit or bank account.
Venmo seems to be more focused on social financial transactions. Users can send money to both individuals and groups and can set their profile to private or public. If your account is public, anyone who has you listed as their contact on their phone can see your transaction history. For example, on the Venmo app’s homepage, you may see something like “Brittany paid Kenneth.” Venmo also allows the use of emojis to comment.
Venmo can also be used for business transactions as they accept direct deposits as well as allow users to create a Venmo business account. Although there are no monthly fees to have a business account, Venmo charges a 1.9% transaction fee and is subject to tax reporting.
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