Get The App
The Description of Venmo
Venmo is a digital transfer app. After the outbreak of the new crown epidemic, digital transfer and digital payment functions have been used by more people. Because we don't use cash, we can reduce people touching each other. This APP is to help people make online transfers and online payments. This APP allows users to conveniently send and receive money through smartphones, and users can quickly pay online with just a few clicks. It is said that this APP is a payment platform owned by the financial institution Paypal because Paypal is a very reputable financial institution, so this APP is also accepted and trusted by many people. The app is said to be very popular in the US and is also great for sending money to friends and family, etc.
App Store Performance
In Google Play, Venmo's rating is 4.2, and so far, there are 584,885 reviews, and the positive rate is quite high. It ranks well in free finance and transfers payment apps. In 2015, Venmo is said to have processed $7.5 billion in transfers and $3.2 billion in the first quarter of 2016.
Venmo Pros and Cons
1. It is very simple to use, you can directly search for the Yinzi account, you can directly open the user or user ID and transfer money to the other party
2. This APP can be free, because the general bank transfer is not only troublesome, but also pays a certain handling fee, and this one does not need to pay the handling fee
3. It is very interesting. When you transfer money to friends, you can remark interesting information. For example, you can see the interesting transfer messages between friends on the main interface of the transfer.
1. Although you can transfer money to your bank card for free through this APP, it takes one to three working days, so it is relatively slow.
2. This APP does not support overseas transfers and is only limited to the United States, that is to say, only in the United States, it can be used.
A very important feature of this APP is that it combines online payment functions and social media functions, which means that in this APP, you can transfer money, make payments, etc. with other people, you can also connect with friends, and Interact frequently and stay up to date with news hot events. This APP will also display the transaction history between you and your friends, you can check this record at any time, it helps you remember some important transaction information. It is not necessarily a friend. All users can find other users through phone numbers or user IDs, send remittances, or request payments, so its use function is very extensive.
Players can also link the account of this APP to their debit cards, credit cards, etc., which can help you quickly convert each other. You can transfer money from your debit card to this app, or from this app to your credit card or another account. Venmo is a money transfer tool that young people love to use. For example, when a group of people goes to a restaurant for dinner, when paying, the restaurant only accepts a few credit cards or two, what should I do at this time? And Venmo plays a very convenient role at this time, it is like your phone's electronic wallet or another bank account. He allows you to transfer the meal money directly to the Venmo account of the friend who paid the bill with a credit card, and the friend who received the money can use the money to transfer the money directly to someone else's Venmo account the next time you eat. Or remit directly to the bank.
In addition, although there is no handling fee or any fee for shopping with Venmo Card, if you use Venmo Card to withdraw money at ATMs, you will have to pay a certain fee. Of course, if you want to use your Venmo Card to withdraw cash for free, you can withdraw cash from your balance while using a MoneyPass ATM, which is also a good idea.
The Description of Venmo
Venmo is an online money transfer application developed by Venmo, an American mobile payment service company. It supports peer-to-peer payments on iPhones and Android phones, and supports fast currency exchange directly between users. In Venmo, users can exchange funds with other Venmo users by linking their Venmo account to a personal credit, debit or checking account. Overall, Venmo is a practical and convenient tool for virtual financial intermediaries.
App Store Performance
Venmo has 586,344 reviews in Google Play store and a review of 4.2 stars out of 5. In US Apple App store it has 4.9 stars rating and ranked as #3 in Finance. There are 13.6M ratings received in iOS App store.
Venmo Pros and Cons
1. Allow users to deposit checks without a bank account
2. Debit and credit cards that offer discounted cash back to users
3. Allows users to transfer and receive money in a convenient digital way
4. Support for use on sites and apps that accept PayPal
1. Its default privacy settings share the user's payment history, which affects personal privacy to a certain extent
2. Paying other people through the website is currently not supported
3. International payment methods are not currently supported
4. Funds transferred within the app are not guaranteed by insurance
5. There is a case of being used by others to defraud
Venmo is a mobile app for sending and receiving money from others online. Therefore, users can send and receive funds easily and conveniently in Venmo. In addition, Venmo also supports some banking functions for users to use, which brings great convenience to users' fund management. In terms of incentives, users can earn cash back by applying for a Venmo debit or credit card and using it when shopping.
Because users can use Venmo to transfer money quickly. As such, it is a great help to users in services such as remittance, debit, collection, and direct deposit. And, Venmo will be the most convenient option for people who don't want to carry cash around or don't have a regular checking account. In addition, Venmo also supports users to set up direct deposit. The benefit is that users receive direct deposits two days earlier than when they receive money at the bank.
For perks, Venmo's debit and credit cards will help users earn a percentage of cash back on purchases at select retailers, and users can view specific promotions through the Venmo app. In this way, users can know the specific transaction methods and preferential policies in advance. This is very affordable for many consumers. Users can also learn more about stores and ways to earn cashback by discussing ongoing deals with representatives in the app. However, users need to be aware that due to the fees associated with its direct deposit and mobile check deposit features, the large amount of cash back users will earn on spending at retailers will largely be used to offset these service fees.
In terms of timing, funds sent by Venmo users to other users will appear in each other's accounts immediately, but this speed depends on whether the customer is willing to pay the fee. Sending and receiving funds between banks using Venmo can generally take one to three business days. If the user transfers to Faster, they only need to pay a fee of 1.5% of the transfer amount and the instant transfer will be completed within 30 minutes. In addition, Venmo also allows users to attach emojis to transactions to appear more meaningful. This also makes financial transactions livelier and more active. For example, a user can add a certain emoji as a friendly emotional expression when sending money to a friend. These all add a humanized and interesting experience to Venmo's advantages of convenient operation.