When the need arises to transfer money, accept payments or split your account without having to deal with cash, there are several options to choose from. A notable giant in this field is Venmo.
Venmo is a mobile payment service that allows you to use a digital wallet to transfer money with other people, like friends and family. Venmo was created to provide a social way to make payments without having to manage cash.
Venmo is owned by PayPal. In 2013, PayPal bought Braintree and indirectly also bought Venmo. This is because Braintree acquired Venmo in 2012.
The process of sending money to someone using Venmo is pretty simple. It’s even easier thanks to a feature that allows users to sync their contacts with the app, allowing them to search for any associated Venmo accounts that friends and family have. Contacts can also send money using their username, email address, or mobile phone number.
After you choose the recipient and amount, Venmo will ask you which payment method you want. If you already have an existing balance with Venmo, you can use those funds for your payment. Otherwise, the funds will be withdrawn from the bank account, debit card, or credit card initially chosen as the desired payment method.
After clicking Submit on the payment, the money should reflect in the recipient’s Venmo balance within a few minutes. Therefore, you must make sure that you are sending money to the correct contact because Venmo will not refund your money if you send it to the wrong recipient.
While Venmo is safe, it’s a good idea to remain vigilant and use common sense when it comes to financial transactions. That said, Venmo transactions are considered very secure.
Earning Cash backs from Venmo
Venmo cards allow you to track and split your purchases. You can also enable or disable your card with a click of a button. To top it off, you get a cashback bonus on all purchases are designated locations.
For a credit card, you can earn as much as 3% cashback.
To learn more about this, check out their official page.