Venmo : Fast, Safe, Social payments

Photo Credit: venmo.com

Payment overseas

To start, you need a valid email address and an American phone number. This means that it doesn’t work internationally. You can only pay only in the USA, making this a major disadvantage. You also physically need to be located in the USA and have a US bank account to set up your accounts. So, those of you who are situated in other countries are out of luck. You need to use another wallet to pay across the globe. For more information about other digital wallets please visit digitalwalletsnews.com

Features of Venmo

You can sync Venmo with Facebook and phone contacts. You will be asked to grant permission to your phone contacts and after doing so, Venmo will look out if any of your contacts are available in Venmo. If they are, they will be added to your friends list and you will be added to theirs.

When you sync Venmo to Facebook, your friends in Facebook will be accessed and automatically will be added to your account’s friends list.

In Venmo, there is a button displaying “Pay or Request”. With this feature you can request money from other people. As well as this, instead of paying through bank cards or other modes of transaction, your payment will be entirely funded from all the money you have received as long as the amount is less than or equal to your Venmo balance. The balance consists of all the money you have received, that you have not spent, transferred to your bank account, etc. If you don’t have enough money in your balance, you have to pay externally. With Venmo, you cannot pay with more than one source. That means you cannot be partially funded from the amount you have requested and pay the remaining amount externally.

Another advantage of the request button is that you can ask for the money back if you paid the money to the wrong person. If they don’t respond, you have to contact Venmo.

Other features are:

Sharing payments
Data encryption
Tracking payments
Commenting
Social currency
Mobile-first
Payment check-out
Data storage
Passwords & Authorizations
Splitting bills

Advantages

With no typing errors while typing out your pin, Venmo is quick, secure and accurate and widely accepted in most parts of the USA.
With this wallet, you can process payments extremely fast with a couple of clicks
Customers don’t have to carry cash or cards around as they can self-service and pay from anywhere at any time.
It lets you add loyalty or rewards points that can later be redeemed and we can also get cashbacks.
This wallet protects your information with data encryption very carefully. If you lose your phone or device, then you can log out of the app on the website to minimize the risk of fraud transactions.
More customers are using this for a quicker life. From 2017 to 2019, Venmo’s total payment volume went from $6.8 billion to $21 billion. That’s a heavy uplift in transactions.

Rewards

Venmo offers rewards with select merchants. If you have a Venmo MasterCard, you’re in on rewards from Venmo (powered by Dosh). So, Dosh checks whether your payment is eligible for a reward or not. The offers can expire so you have to double check if an offer still exists before making a payment. However, the cashback you receive from earlier transactions can never expire.