Venmo

Definition

Venmo is a mobile payment service that allows users to transfer money to one another using a mobile phone app. It is commonly used for peer-to-peer transactions, such as splitting bills or paying back friends.

5 Must Know Facts For Your Next Test

1. Venmo is owned by PayPal and integrates with its services.
2. Transactions on Venmo can be funded by linked bank accounts, debit cards, or credit cards.
3. Venmo offers both free and instant transfer options; standard transfers take 1-3 business days while instant transfers incur a fee.
4. The app includes social media features, allowing users to share and comment on transactions.
5. Venmo employs encryption and fraud detection technologies to secure transactions.

Review Questions

• What company owns Venmo?
• How can Venmo transactions be funded?
• What are the differences between Venmo's free and instant transfer options?

Related terms

PayPal: An online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.

Peer-to-Peer Payment: A method of transferring funds from one individual to another without the involvement of a financial institution.

Mobile Payment: Financial transaction conducted via a mobile device, usually through apps like Venmo or Apple Pay.