Venmo is a Social Network Sending Money App
What is Venmo?
If you own a smartphone you have probably heard people talk about the app called Venmo and how great it is. Venmo is an app that provides a service allowing you to send money securely to.. anyone you choose. Let’s face it, most people do not carry enough cash around anymore and rarely have small notes on hand to evenly split a bill, cab, or any other situation where they have to pay a certain amount to one of their friends for.. anything. Venmo solves this everyday dilemma by allowing you to quickly pay your friends any denomination of money that will hit their Venmo wallet instantly. This especially makes ordering food, paying rent and other payments that require you to aggregate money from a group, simplified.
How Does it Work?
Think of Venmo as a middleman between your money and the person you would like pay or even send a bill to. It is a micro-payment system that is addictive due to the social media aspect that has been integrated into the experience. When you send money to someone it appears on your feed (if you choose to make the action public and no money denomination is revealed as well). You can write funny comments or whatever you want for people to see, kind of like Twitter. After you download the app you are taken through a few series of steps which requests for you to add a bank account/credit card so you can start sending money to your friends. You can cash out whenever you please and the money is transferred into your account within a few days.
What’s the catch, are there hidden fees?
A huge part of the success and longevity of Venmo in the digital market is earning the trust of the user base. Venmo is very transparent in what they will charge you and it is as follows:
- Balance – Free
- Bank Transfer – Free
- Most Debit Cards – Free
- Credit Card – 3% Fee
Venmo can be integrated with all of the large banks in the United States and cannot be used outside of the USA. It can be download for both iPhone and Android.
Will Venmo be just another fad?
One of the next big internet revolutions will be the widespread and everyday ability to “micro-transact.” There are alot of people out there with smaller scale bushiness who cannot cash out on a consistent basis due to high payment thresholds. Companies like Venmo could prove to be very popular in the next age of the internet!