More and more people are taking advantage of the convenience of digital payment methods, including peer-to-peer (P2P) payment apps. Venmo is among the most popular of these platforms.
If you’re looking for a mobile payment solution, Venmo may be the app you need. Read on to learn more about the platform, how to set up a Venmo account, and how you can use Venmo instead of other payment options.
What is the Venmo mobile payment app?
Venmo is a peer-to-peer (P2P) payment app that allows users to easily send and receive money from other Venmo users via their mobile devices. The app can also be used to purchase from a growing list of retailers. Currently, Venmo has more than 60 million users. Other apps similar to Venmo include Cash App, Zelle and PayPal.
Venmo also has a social component — the app includes a timeline transaction feed that shows the two participants in each transaction with a short description by the user. Common transaction descriptions include emojis like food or short phrases like “rent payment” or “concert tickets.” However, participating in the social component is optional. You can set each transaction to public, friends only or private.
Unlike some other digital payment options, Venmo is only available as a mobile app. You can sign into your Venmo account on the computer to view a list of your transactions, but you can only complete transactions using the app.
How does it work?
Venmo acts as a middleman between two people or individuals and businesses. The app collects funds from one user and gives them to the intended recipient by depositing them in their Venmo balance.
So what is Venmo used for? There are two main ways to use Venmo — to transfer money between friends and family and to pay for goods and services, all without any physical cash.
For even more payment options, Venmo partners with Synchrony Bank to act as a credit card company and offer eligible users the Venmo Visa Credit Card. Alternatively, you can get a Venmo Mastercard Debit Card issued by Bancorp Bank, which connects directly to your Venmo balance without any line of credit.
Use it to transfer funds between friends and family
Venmo is best known for being a mobile payment service that facilitates person-to-person payments between friends and family. You can use the app to split restaurant bills with friends, send your portion of the rent to your roommate or send a monetary gift to a family member.
To make a payment to another Venmo user, all you have to do is select the “Pay/Request” button at the bottom of the Venmo app. On the next page, you input the username of the person you want to pay, the amount and a note. Then, you just have to tap “Pay,” and the payment will immediately go to the user you selected.
Venmo also makes it easy to request payments from someone you know. Rather than waiting around and hoping that your friend (or family member, coworker, etc.) will pay you the money they owe, you can request the amount using similar steps. Start by hitting the “Pay/Request” button and entering the person’s username, the amount and your note. Then, tap “Request” instead of “Pay” to request that payment.
The user you requested the payment from will get an alert from Venmo about your request. They then have the opportunity to pay you the amount you asked for quickly. Just be aware that a request is no guarantee of payment.
Use it to pay for goods and services
You can also use Venmo to pay for goods and services…
Read More: What Is Venmo: How It Works