“At the moment Venmo users who have identified themselves as a business have to pay a 1.9% + 10 cents transfer fee for any money sent to them. Starting on July 20th, all users will have to pay this fee when receiving money for goods or services, whether or not their account is identified as a business. That’s according to an email sent to Venmo users yesterday.”

“The Venmo for Business portfolio includes both Business Profiles on the Venmo app — geared toward small businesses and casual sellers — and the ability to pay with Venmo, a feature aimed at small to large merchants.  With Business Profiles, Venmo is targeting small sellers or people with side hustles — such as dog walkers, landscapers, local artists, and crafters — who already use Venmo in a personal capacity to accept payments. The Business Profile lets these sellers separate their personal and business transactions for better bookkeeping and tracking, but also gives them a space to share details like the address, phone number, email, and website associated with their business.”

“Today, we’re excited to announce that the Venmo Credit Card is available for all eligible Venmo customers to apply, straight from the Venmo app! Venmo’s first-ever credit card, issued by Synchrony and powered by the Visa network, officially launched last October to select customers, and now we’re excited to expand availability to allow more of Venmo’s community of customers to apply for the no annual fee card.”

“The Venmo mobile payments app is going to look very different in 2021 as it inches closer to neobank territory with expansions into budgeting, saving and cryptocurrency, said Venmo parent company PayPal, during its fourth-quarter earnings on Wednesday. The company also plans to put its $4 billion Honey acquisition to work by integrating its suite of shopping tools into the Venmo app, including merchant offers, deals, price tracking and wish lists.”

“To make paying for rides and getting around town even easier, Lyft riders will soon be able to pay with Venmo and easily split the cost of their ride. We’ll start rolling out this feature in October and will launch to all U.S. Lyft riders in the coming weeks. Sixty million active Venmo users already use the platform to split dinner with friends, pay for coffee or groceries, and stay socially connected. And they can now continue to live their financial lives on Venmo by easily paying for and splitting Lyft rides.”

“With people under stay-at-home orders throughout the nation, many are finding themselves short on cash. That’s increasing their reliance on electronic payment services. Now, Venmo is easing some of its rules to facilitate payments. The company has increased its sending limits to $4,999.99 per week for person to person payments. That’s a 40% increase from the previous limit of $2,999.99.”

“Venmo’s latest gambit to profit off its massive but still-not-lucrative user base involves a decidedly old-school idea: credit cards. Executives at the digital payments company have been meeting with banks since late last year to discuss issuing a Venmo-branded credit card, people familiar with the matter said. The company, owned by PayPal Holdings Inc., is close to selecting Synchrony Financial as its credit-card issuer and is hoping to announce the card this year, one of the people said.”

“While the ability to send money easily gets consumers to download Venmo, it is the social-media feed that keeps many people opening the app multiple times a week.”

“The decision represents a notable shift in product direction for Venmo. Though best known as a mobile payments app, the service has also been available online, similar to PayPal, for many years. The Venmo website today allows users to sign in and view their various transaction feeds, including public transactions, those from friends, and personal transactions. You can also charge friends and submit payments from the website, send payment reminders, like and comment on transactions, add friends, edit your profile, and more.”