Venmo is a digital wallet and money transfer application. It was initially designed as a simple way to make and request payments between friends, without the need for cash when sharing a dinner or paying rent, for example. Both who pays and who receives must live and have a bank account in the United States. Venmo, which has been part of PayPal since 2013, is one of the most popular payment apps in the United States. Venmo has established itself as one of the most popular P2P payment apps. It also allows users to transfer money instantly from any US bank account. The application also allows the user to request the Venmo Master card, which facilitates transfers and online purchases.
According to the company, Venmo Mastercard, debit card users can make payments using the balance in their app instead of having to transfer funds to their bank account.
With the new debit card, PayPal hopes to gain an advantage over rivals in increasingly competitive digital payments, especially in transfers between people.
HOW VENMO WORKS AND ITS APPEARENCE
The main screen in the app looks like the Facebook news content page, showing payments back by users. You can switch to just viewing your transactions by tapping the two arrow icon.
To start, you create an account by signing up with your email or Facebook account. Once registered, you create a profile that will be your main page where you will do your transactions.
If you want, you can take or upload a photo and add a bio to personalize your page. Venmo allows you to easily access your friends through the contact list on the iPhone or Facebook.
After setting up your profile, the first thing to do is to register a bank account, or a debit or credit card to make the transactions. To verify your account, Venmo will place 2 small deposits in your registered account which will take 1-3 days to process.
Once in the account, you are ready to use the app. In addition, you also have the option of transferring money from your bank account to a fund on Venmo, but it takes 5 business days for the transfer and a maximum amount of $ 2,000.
What is the best part of this app? It’s free. Rather than having to pay bank transaction fees for different banks, you can use this easy and secure app to ensure your debts are paid.
Venmo works well with all banks in the United States, however, paying with a debit card, transferring money or having a Venmo account is always free; but if using a credit card, the fee is 3%.
HOW IT WORKS?
Venmo works by connecting a debit or credit card to the account in the app. So, you start to use your account and exchange funds. The amounts received are stored in your digital wallet and can be used in a future transaction. This money is virtual and only leaves your bank account when you go to another one. Transfers can take a few days to process.
AUTHENTIC AND SAFE
Venmo is owned by PayPal and this guarantees a high level of security in encrypted transactions. It is also easy to protect your account if you lose the phone or other device on which Venmo is installed, thus preventing others from using the account and having access to the digital wallet.
Venmo announced today its plans to launch its first-ever credit card services. The card is being issued in partnership with Synchrony, already the issuer behind Venmo parent company PayPal’s Extras Master card and Cashback Master card. The move is meant to help Venmo, a still unprofitable arm of PayPal’s larger business, generate more revenue.
PayPal’s plans in this space were reported in April of this year by The WSJ, which said the company had been taking meetings with various banks since late 2018 to discuss a Venmo-branded credit card. The report said PayPal was then close to selecting Synchrony as its issuer and would likely announce the card sometime later in 2019, as it now has.
Synchrony is known for powering a number of store cards, including those from Amazon, eBay, JCPenney, TJX, Stein Mart, American Eagle, Gap, Old Navy, Rooms to Go, Lowe’s and many others — around 100 cards, in total. The company says it has financed more than $140 billion in sales and has 80.3 million active accounts. While this is Venmo’s first credit card, it’s not its first physical card.
VENMO PHYSICAL DEBIT CARD
Just like Square, Venmo is accepting the reality that some people like having a physical payment card in their wallet. If nothing else, it’s good having a backup for digital payments, and a card makes spending your Venmo balance in the real world more convenient. With its new iOS update today, Venmo is signaling a wide release of its debit card.
The company has been testing a physical Visa card for months, but for the official release, it looks like Venmo has switched to MasterCard and a vertical design. Users can now “get in line” for the Venmo debit card, and when it’s ready to ship, they’ll be able to choose from a selection of colors. Venmo’s card has a chip for security, and an icon near that chip also indicates support for contactless payments. There’s no fee for signing up for the card. It’s currently only available in the United States.
The card is in “limited release,” though Venmo says it’s working quickly to move people off the waitlist and process applications. The card should arrive within 5 to 7 days after you’ve been approved. It can only be used in the United States; Venmo says it won’t work for international merchant purchases. Regular purchases don’t have any fees, but there’s a $2.50 fee if you want to withdraw money from your Venmo account using an ATM.