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Venmo: Amazing App That Allows You To Send and Receive Money

by Fahad Saleem

 Venmo: Amazing App That Allows You To Send and Receive Money

Every person has money dealings in their social circles and sometimes it is a pain to split checks, searching for the nearest ATM or sometimes grabble into your pockets or car’s dashboard to find out some change. Venmo, an iOS and Android app has digitized all your cash dealings into a Smartphone app.

Venmo Account

The dispense of services is free as long as you are linked to bank accounts or debit card, but using a credit card requires 3 percent transaction fee. The app can be used to link with your Facebook account or you can sign-up separately using your email address, name and phone number.  The people in your contact list who have downloaded Venmo will be able to connect through invita. The app has a direct affiliation with the U.S banks and you can draw out your money into your bank account over nights or any business day. But if you don’t want to cash out immediately, then the money gets saved into your Venmo account.

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A Similar Breed to Facebook

The presentable looks seem closely synchronized like the Facebook acts.  All the expenses shared between your friends are displayed just like Facebook posts, however who do not feel comfortable in such display organization can choose to keep the transactions private.

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There is also a distinctive feature which allows you to select a trusted friend, who has a permit to withdraw the money from your account by himself.


Venmo’s Efficiency in Comparison to other Services

The way of success is being parted by the Google Wallet who is the only viable competitor to Venmo which is bloating out with appreciable features, but still a step behind with Venmo, as currently there is no iPhone app for Google Wallet.

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PayPal is the next best competitor of Venmo, but it charges 2.9 percent transaction fee upon sending money from Debit and Credit cards, however Venmo does only charge for the Credit cards and deals Debit Card as a free feast. Aside from PayPal’s complications of receiving and sending money and an unfriendly charge back policy, the Venmo projects a simplified social platform kind of view and easy transactions. Popmoney is another parallel platform, but with a lazy habit of transactions which takes away at least three days to reach the specified user and concerns with a restricted count of banks.

Get the app from here






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