Venmo
| 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 by Venmo, LLC that lets users transfer money to each other using iPhones or Android phones. There is also a web interface.
In the third quarter of 2014, Venmo processed $700 million of payments between people.[1]
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% card for each transaction.[2]
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.[3] The transactions can be made private, but most users do not change the privacy settings.[4]
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 an 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.[5]
In 2012, Braintree acquired Venmo for $26.2 million. In 2013, PayPal acquired Braintree for $800 million.[5]
Reception
Venmo has been adopted mostly by college students and young professionals aged 30 and younger.[5] They are drawn to the accessibility and to the social aspect.
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/
- ↑ 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.
- ↑ 5.0 5.1 5.2 Gillette, Felix (November 20, 2014). "Cash Is for Losers!". Bloomberg Business. Retrieved April 18, 2015.