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29 Apr 2022, 22:42 GMT+10
With the advent of technology and internet connectivity, money transfer has also become more straightforward and effortless. There are many platforms available in the digital market that makes our everyday money transaction easier. Among such platforms, one is Venmo. Venmo refers to a digital wallet with peer to peer (p2p) transactions. This application makes money trades more comfortable for everyone, thereby creating an integrated social network.
Venmo was developed as an American transferable payment service launched in 2009 and held by PayPal from 2012. This platform was basically sought by friends and close ones for splitting bills in different scenarios like in a dinner or movie. Account-holders can pay money by simply using a mobile application, although they have to be the residents of the United States. It permits you to request money from friends and pay. It's yet the most accessible and widespread mode to transact money which has been widely recognized all over the United States.
The firm addressed $159 billion in transactions in 2020, which clearly remarks the high usage. So, there is no doubt that Venmo has evolved into an economical medium that you may need as a spare to a standard bank account.
After downloading the Venmo application in your handset, open an account. Then link your bank account, debit card, and credit card with the Venmo account. Users can immediately start sending and receiving money. Now let's look at the ways of how the Venmo app actually works.
Venmo makes money by utilizing its different features like Pay With Venmo, interchange and withdrawal fees, Instant Transfers etc. They charge a certain amount of money for each of these services. Also, they earn from the affiliate panels of the cashback program proposed for debit cardholders.
The feature called 'pay with Venmo' permits users to make investments at particular vendor partners employing their Venmo accounts. Partners, for example, Forever21, Urban Outfitters etc. Venom charges 1.9% and $0.10% for each transaction with any of these partners.
Users of Venmo can utilize the instant transfer feature. They can directly transfer money from their Venmo account to their main bank account. Venmo charges 1.5% on each amount transferred through this feature.
Venmo offers its own credit cards to the users, which one can use to make payments by utilizing their Venmo balance. And for this service, they assign the vendor interchange fees of an amount of $2.50 for the withdrawal fee.
To sum up, Venom has become one of the most popular money transferring app in the United States with a total of 70 million users. It's the easiest and effortless way to send and receive money.
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