Venmo
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| Original author(s) | Andrew Kortina and Iqram Magdon-Ismail |
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| Developer(s) | Venmo, LLC (Subsidiary of PayPal) |
| Initial release | 2009 |
| Platform |
iOS Android Web |
| Website | www |
Venmo is a mobile payment service owned by PayPal. It allows users to transfer money between one another using a mobile phone app or web interface. It handled $7.5 billion in transactions in 2015, and nearly $3.2 billion in the first quarter of 2016.
Cash transfers using Venmo are not considered instantaneous and can be canceled after an initial transfer is sent. These transfers can take one to several days to transfer. The Better Business Bureau reports some scammers exploit this on Craigslist and other services.
Venmo is a mobile payment service that lets users transfer money to each other. It follows a similar business model to PayPal. Venmo describes itself as a "digital wallet". Users sign up and create an account by providing basic information and bank account information using their mobile app or on the Venmo website and they can find others who have created an account. Friends and recipients of transactions can be found via phone number, Venmo username, or email.
Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit cards to their Venmo account. Paying with a bank account or debit card is free, but credit cards have a 3% fee for each transaction. If a user does not have enough funds on Venmo itself when making a transaction, it will automatically withdraw the supplemental funds from the registered bank account or card.
Venmo was founded by two friends, Andrew Kortina and Iqram Magdon-Ismail, who met as freshman roommates at the University of Pennsylvania. According to Kortina, the idea of Venmo originated when Magdon-Ismail forgot his wallet during a trip to visit Kortina. The process of settling their accounts was a hassle, so they started working on a way to send money through mobile devices. Their original prototype sent money through text messages, but they eventually transitioned from text messages to a mobile app.
In 2012, Braintree acquired Venmo for $26.2 million. In 2013, PayPal acquired Braintree for $800 million. Prior to October 2015, Venmo strictly prohibited merchants from accepting Venmo as a form of tender. On January 27, 2016, PayPal announced that Venmo was working with select merchants who would accept Venmo as payment. Initial launch partners included meal delivery service Munchery and ticketing app Gametime.
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