To make a payment to another Venmo user, all you have to do is select the “Pay/Request” button at the bottom of the Venmo app. You can use the app to split restaurant bills with friends, send your portion of the rent to your roommate or send a monetary gift to a family member. Venmo is best known for being a mobile payment service that facilitates person-to-person payments between friends and family. Use it to transfer funds between friends and family Alternatively, you can get a Venmo Mastercard Debit Card issued by Bancorp Bank, which connects directly to your Venmo balance without any line of credit. So what is Venmo used for? There are two main ways to use Venmo - to transfer money between friends and family and to pay for goods and services, all without any physical cash.įor even more payment options, Venmo partners with Synchrony Bank to act as a credit card company and offer eligible users the Venmo Visa Credit Card. The app collects funds from one user and gives them to the intended recipient by depositing them in their Venmo balance. Venmo acts as a middleman between two people or individuals and businesses. You can sign into your Venmo account on the computer to view a list of your transactions, but you can only complete transactions using the app. Unlike some other digital payment options, Venmo is only available as a mobile app. You can set each transaction to public, friends only or private. Common transaction descriptions include emojis like food or short phrases like “rent payment” or “concert tickets.” However, participating in the social component is optional. Venmo also has a social component - the app includes a timeline transaction feed that shows the two participants in each transaction with a short description by the user. Other apps similar to Venmo include Cash App, Zelle and PayPal. Currently, Venmo has more than 60 million users. The app can also be used to purchase from a growing list of retailers. Venmo is a peer-to-peer (P2P) payment app that allows users to easily send and receive money from other Venmo users via their mobile devices.
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