Venmo. Anybody heard or uses them as payment method?

[Nutpuncher]

A friend of mine just told me about Venmo. Anybody heard or uses them as payment method? If so, please let me know what you think about it. Its similar to paypal where you set up account and link your bank account, debit or credit card to and then can send money to anyone else as long as that other person has a venmo account. Its free unless you select funds from your credit card which I think is 3% fee. I have some money that I need to send out and will try Venmo and will update this thread once I get the hang of it and couple successful transactions.

 

[Gear2Go]

A friend of mine just told me about Venmo. Anybody heard or uses them as payment method? If so, please let me know what you think about it. Its similar to paypal where you set up account and link your bank account, debit or credit card to and then can send money to anyone else as long as that other person has a venmo account. Its free unless you select funds from your credit card which I think is 3% fee. I have some money that I need to send out and will try Venmo and will update this thread once I get the hang of it and couple successful transactions.

Never heard of it. Sounds like cash app or google wallet

Hooks to a credit/debit card and send from account to account.


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[Nutpuncher]

Never heard of it. Sounds like cash app or google wallet

Hooks to a credit/debit card and send from account to account.


Sent from my iPhone using Tapatalk

You just summed it up. I never knew that there so so many different payment apps when I search for it on iPhone App Store.

Hmmm...I wonder if prepaid credit cards work as form of payment because I am hesitant to give up my bank info.

 

[Gear2Go]

I wonder too. That would be good to know


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[pupu]

http://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

 

[Nutpuncher]

http://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

Thank you. After reading article, I am still not sure if Venmo is safe to use. Sounds safe since they have a $50 stop loss in the event that someone/something hacked your account. Would you use Venmo?

 

[pupu]

I am going to look into it over the weekend will post what I find out..

 

[pupu]

From CNN Money. 4-2016


A popular mobile payment app is facing a federal investigation.

Venmo, which is owned by PayPal (PYPL, Tech30), said in a SEC filing posted Thursday that the Federal Trade Commission is investigating the service over possible deceptive or unfair practices.

The company said it received a Civil Investigative Demand in March requesting documents and answers to written questions about the service.

The FTC confirmed the investigation to CNNMoney, but did not comment further.

 

[Gear2Go]

From CNN Money. 4-2016


A popular mobile payment app is facing a federal investigation.

Venmo, which is owned by PayPal (PYPL, Tech30), said in a SEC filing posted Thursday that the Federal Trade Commission is investigating the service over possible deceptive or unfair practices.

The company said it received a Civil Investigative Demand in March requesting documents and answers to written questions about the service.

The FTC confirmed the investigation to CNNMoney, but did not comment further.

Well. That's one I'll stay away from for at least the time being.


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