Venmo – Payment option
Venmo gives the option to pay without using cash. Venmo was launched as a payment option between friends and family. The only thing you need to use the service is a phone number and the mobile app that you can find in the app store or Google store. When you downloaded the app you are good to go, just enter the phone number to your friend or family.
Owned by PayPal
This payment option was founded 2009 and is owned by PayPal and they conitously add new features. When sending money they get transferred immediately so it is an easy way to send money to friends and family if you need to split a bill or something else.
Only available in the US
The Venmo app is only available for US citizens at this time. You can also connect a Mastercard to your Venmo account and in that way use the application as a common payment connected to your card. The card is good for doing withdrawals from ATM machines and a small fee will then be charged the account.
You can easily fill up your account by transferring money from your bank or add another card that is connected to your other financial companies. Venmo has a lot of users in the United States and the security of the transfer is high.
It is a fast and efficient way to just send money to a person by knowing just the telephone number. Also the transaction is fast and the receiver gets the money instantly on their account. In figures Venmo handles around 50 million transactions per year.
By using Venmo you can be sure that you can send money instantly and not have to find an ATM or do slow transcations from your bank account that can take up to three business days. The ease of use is the big advantage for every user of Venmo.