Venmo: Difference between revisions
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Venmo is a [[mobile payment]] service that lets users transfer money to each other. Users sign up using their [[mobile app]] or on the Venmo website and they can find friends who have created an account. |
Venmo is a [[mobile payment]] service that lets users transfer money to each other. Users sign up using their [[mobile app]] or on the Venmo website and they can find friends who have created an account. |
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Users have a Venmo balance that is used for their transactions. They can link their [[bank account]]s, [[debit card]]s, or [[credit card]]s to their Venmo account. Credit cards have a 3% fee for each transaction.<ref>https://venmo.com/about/fees/</ref> Venmo has claimed |
Users have a Venmo balance that is used for their transactions. They can link their [[bank account]]s, [[debit card]]s, or [[credit card]]s to their Venmo account. Credit cards have a 3% fee for each transaction.<ref>https://venmo.com/about/fees/</ref> Venmo has claimed that its security is bank grade, and that personal and financial data is encrypted and protected on secure servers to guard against any unauthorized transactions,<ref>{{cite web|title=Venmo: App to make and share payments |url=http://fiscaltoday.com/venmo-app-make-share-payments/|website=Fiscal Today|accessdate=24 June 2015}}</ref> however, these security claims have been questioned by journalists, security researchers, and the California Office of Business Oversight.<ref>{{cite web|title=Venmo security: it's not as strong as the company wants you to think|date=2015-02-01|url=http://www.slate.com/articles/technology/safety_net/2015/02/venmo_security_it_s_not_as_strong_as_the_company_wants_you_to_think.html|website=Slate|accessdate=2015-10-23}}</ref><ref>{{cite web|title=Security research of a social payment app|url=https://courses.csail.mit.edu/6.857/2014/files/13-benkraft-jmoldow-mannes-venmo.pdf|website=MIT CSAIL|accessdate=2015-10-23|date=2014-05-14}}</ref><ref>{{cite web|title=Venmo App: Users Raise Questions About the Security of Peer-to-Peer Money Transfer Service|url=http://abcnews.go.com/Technology/venmo-app-users-raise-questions-security-peer-peer/story?id=29658676|website=ABC News (USA)|accessdate=2015-10-23|date=2015-03-18}}</ref> |
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A unique aspect of Venmo is its social aspect. When a user makes a transaction, the transaction details (stripped of the payment amount) is shared on the user's "news feed," and is shared to the user's network of friends.<ref name=Duke>{{cite web|url=http://www.dukechronicle.com/articles/2015/03/26/cash-credit-or-mobile-app-rise-venmo#.VTIK-eGzn6o|title=Cash, credit or mobile app: the rise of Venmo|work=[[The Chronicle (Duke University)|The Chronicle]]|first= Neelesh|last= Moorthy|date=March 25, 2015|accessdate=April 18, 2015}}</ref> The transactions can be made private, but most users do not change the privacy settings.<ref name=Quartz>{{cite web|url=http://qz.com/359903/the-emoji-of-venmo/|title=The emoji of Venmo: food, booze, partying, and, occasionally, rent|work=[[Quartz (publication)|Quartz]]|first=Zach|last= Wener-Fligner|date=March 20, 2015|accessdate=April 18, 2015}}</ref> |
A unique aspect of Venmo is its social aspect. When a user makes a transaction, the transaction details (stripped of the payment amount) is shared on the user's "news feed," and is shared to the user's network of friends.<ref name=Duke>{{cite web|url=http://www.dukechronicle.com/articles/2015/03/26/cash-credit-or-mobile-app-rise-venmo#.VTIK-eGzn6o|title=Cash, credit or mobile app: the rise of Venmo|work=[[The Chronicle (Duke University)|The Chronicle]]|first= Neelesh|last= Moorthy|date=March 25, 2015|accessdate=April 18, 2015}}</ref> The transactions can be made private, but most users do not change the privacy settings.<ref name=Quartz>{{cite web|url=http://qz.com/359903/the-emoji-of-venmo/|title=The emoji of Venmo: food, booze, partying, and, occasionally, rent|work=[[Quartz (publication)|Quartz]]|first=Zach|last= Wener-Fligner|date=March 20, 2015|accessdate=April 18, 2015}}</ref> |
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Revision as of 14:16, 2 November 2015
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| Original author(s) | Andrew Kortina and Iqram Magdon-Ismail |
|---|---|
| Developer(s) | Venmo, LLC |
| Initial release | 2009 |
| Platform | iOS Android Web |
| Website | www |
Venmo is a mobile payment service now a part of PayPal. It allows users to transfer money between one another using a mobile phone app or web interface. In the third quarter of 2014, Venmo processed $700 million of payments between people.[1]
Venmo strictly prohibits the use of their service to purchase merchandise. Venmo policy does not allow a member to dispute a transfer that was a payment for merchandise not received. This is stated in the fine print of their policy which you must accept to use the service. If you purchase merchandise and that merchandise is not delivered there is absolutely no recourse to receive a refund.[citation needed]
Service
Venmo is a mobile payment service that lets users transfer money to each other. Users sign up using their mobile app or on the Venmo website and they can find friends who have created an account.
Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit cards to their Venmo account. Credit cards have a 3% fee for each transaction.[2] Venmo has claimed that its security is bank grade, and that personal and financial data is encrypted and protected on secure servers to guard against any unauthorized transactions,[3] however, these security claims have been questioned by journalists, security researchers, and the California Office of Business Oversight.[4][5][6]
A unique aspect of Venmo is its social aspect. When a user makes a transaction, the transaction details (stripped of the payment amount) is shared on the user's "news feed," and is shared to the user's network of friends.[7] The transactions can be made private, but most users do not change the privacy settings.[8]
Venmo does not have any dedicated customer-support employees, nor is there any way to contact the company by phone or in person. The official contact methods (email or Twitter) often require more than 24 hours for a response.[9]
History
Venmo was founded by two friends, Andrew Kortina and Iqram Magdon-Ismail. According to Kortina, the idea of Venmo originated when Magdon-Ismail forgot his wallet during a trip to visit Kortina. The process of settling their accounts was a hassle, so they started working on a way to send money through mobile devices. Their original prototype sent money through text messages, but they eventually transitioned from text messages to mobile apps.[10]
In 2012, Braintree acquired Venmo for $26.2 million. In 2013, PayPal acquired Braintree for $800 million.[10]
Reception
Venmo has been adopted mostly by college students and young professionals aged 30 and younger.[10]
See also
References
- ^ Pullen, John Patrick (December 15, 2014). "You Asked: What Is Venmo?". Time Magazine. Retrieved April 18, 2015.
- ^ https://venmo.com/about/fees/
- ^ "Venmo: App to make and share payments". Fiscal Today. Retrieved 24 June 2015.
- ^ "Venmo security: it's not as strong as the company wants you to think". Slate. 2015-02-01. Retrieved 2015-10-23.
- ^ "Security research of a social payment app" (PDF). MIT CSAIL. 2014-05-14. Retrieved 2015-10-23.
- ^ "Venmo App: Users Raise Questions About the Security of Peer-to-Peer Money Transfer Service". ABC News (USA). 2015-03-18. Retrieved 2015-10-23.
- ^ Moorthy, Neelesh (March 25, 2015). "Cash, credit or mobile app: the rise of Venmo". The Chronicle. Retrieved April 18, 2015.
- ^ Wener-Fligner, Zach (March 20, 2015). "The emoji of Venmo: food, booze, partying, and, occasionally, rent". Quartz. Retrieved April 18, 2015.
- ^ "Venmo security: it's not as strong as the company wants you to think". Slate. Retrieved 23 oct 2015.
{{cite web}}: Check date values in:|accessdate=(help) - ^ a b c Gillette, Felix (November 20, 2014). "Cash Is for Losers!". Bloomberg Business. Retrieved April 18, 2015.
