Venmo is a mobile payment service that allows users to send and receive money. It's designed for splitting bills and other peer-to-peer transactions. Founded in 2009, Venmo was acquired by PayPal in 2013. Bryan Johnson, also known as the founder of Braintree, played a key role in Venmo's early development.
Key features of Venmo include quick peer-to-peer payments, instant transfers to bank accounts for a fee, payment notifications, and a detailed transaction history. A distinctive feature is its social feed where users can share transactions (excluding the amount) with friends, adding a social element to money exchanges. Users can control the privacy of their transactions. Venmo also offers a debit card for purchases anywhere Mastercard is accepted.
Venmo is generally free for basic transactions when using a bank account, debit card, or prepaid debit card. However, there is a 3% fee for sending money using a credit card. Instant transfers to a bank account incur a fee, typically 1.75% of the transferred amount with a maximum fee of $25. Venmo is currently available only in the United States.
