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August 30, 2023

On the web

Venmo Gift Payments Can Now Be Sent in a Real Hallmark Card


"A new partnership between Venmo and Hallmark is offering a unique way to gift electronic payments to family and friends. The companies said Wednesday that customers can now send digital funds inside physical greeting cards for any special occasion. But you must have a Venmo account to give and receive money."

May 22, 2023

On the web

April 11, 2023

On the web

May 5, 2022

On the web

Venmo and PayPal Fees Are on the Rise Yet Again


“Need the money that’s sitting in your PayPal or Venmo account right away? Withdrawing it quickly is soon going to cost you more.  PayPal, which is the parent company of Venmo, recently said it’s increasing prices for the “instant transfer” feature for both of the popular money-sending apps later this spring. The changes will affect hundreds of millions of accounts. An instant transfer allows you to cash out the money that’s in your Venmo or PayPal account and send the funds to your bank account or debit card. PayPal and Venmo already charge for this service, and soon instant transfer fees will be even more expensive…The instant transfer fee announcement comes a month after both apps rolled out a separate new fee structure for crypto transactions…PayPal and Venmo’s upcoming instant transfer fees: 1.75% of the amount transferred with a 25-cent minimum but a new $25 maximum”

June 24, 2021

On the web

Venmo Is Introducing New Fees, and You’re Not Going to Like Them

Android Police

“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.”

April 20, 2021

On the wires

Introducing Crypto on Venmo

“Venmo today announced the launch of crypto on Venmo, a new way for Venmo’s more than 70 million customers to buy, hold and sell cryptocurrency directly within the Venmo app. Beginning to roll out today, crypto on Venmo offers customers a way to start their crypto journey alongside the many ways they already use Venmo to spend and manage their money.”

March 24, 2021

On the web

Venmo for Business: Everything You Need to Know | ZDNet


“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.”

February 17, 2021

On the wires

Available Now – Get the Most Out of Venmo With the Venmo Credit Card — The Venmo Blog

“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.”

February 5, 2021

On the web

PayPal Says U.S. Consumer Watchdog Investigating Payment App Venmo


“PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes. The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. ( bit.ly/3tsOHn1 )”

Venmo to Gain Crypto, Budgeting, Savings and Honey Integrations This Year


“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.”

January 4, 2021

On the wires

Cash a Check with Venmo Now Available For Select Customers

“Venmo has today announced that it is introducing a new Cash a Check feature in the Venmo app for select customers, enabling Venmo’s community to access a quick, easy and secure way to cash paper checks. The new feature will allow select Venmo customers the ability to cash printed, payroll and government checks directly from the Venmo app.”

November 16, 2020

On the wires

CVS Pharmacy is first national retailer to offer touch-free payments through PayPal and Venmo

“CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), today announced that customers can now check out touch-free using PayPal and Venmo QR codes at 8,200 standalone retail locations. These codes allow customers to securely pay for their items without needing to touch a keypad or sign a receipt, while also being able to access multiple payment methods available in PayPal and Venmo wallets.”

October 22, 2020

On the wires

Lyft is Making Paying for Rides Easier Than Ever with the Addition of Venmo

“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.”

July 2, 2020

Top Post

Venmo Launches Limited Pilot of New Tools for Sole Proprietors With the Introduction of Business Profiles

“Piloting to a limited number of users today, Business Profiles allows sole proprietors, casual sellers, and users with a side hustle to create an additional Venmo profile to accept payments for goods and services. Whether you’re an artist, selling homemade planters at a craft fair, serving up one-of-a-kind haircuts, selling floral arrangements or mowing lawns, you can now leverage the power of Venmo’s community of more than 52 million users to generate interest, referrals and awareness for your business.”

April 22, 2020

On the web

Venmo Bumps up Sending Limits


“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.”

February 21, 2020

On the web

Chevron App Now Accepts Venmo

CStore Decisions

Chevron announced that its new Chevron and Texaco mobile apps now include Venmo as a payment option, making the company the first to accept the payment service for fuel purchases at the pump. ‘Chevron updated its branded mobile applications to offer consumers access to Venmo to pay for fuel and car washes at the pump from their mobile devices,” said Bill Miner, Chevron’s general manager of Americas Marketing Sales & Services. “The addition of Venmo continues our strategy to inject innovation into retail fuel transactions to help provide customers with flexibility and seamless interaction with our brands.'”

October 29, 2019

On the web

Synchrony Looks to Venmo’s Social Network To Help Market the P2P Service’s New Credit Card

Digital Transactions

“PayPal Holdings Inc. and Synchrony Financial have been sparing about the details of a new credit card they plan to issue for PayPal’s Venmo peer-to-peer payment service, but on Monday a top Synchrony executive said the partners are counting on a key characteristic of Venmo to help market the new card.  “We’ll use the social network of Venmo to drive utilization,” Carol Juel, Synchrony’s chief technology officer, told Digital Transactions News. Venmo was one of the first P2P networks to offer a Facebook-like experience that lets users fill in recipients on the purpose of specific payments and comment on new features. In cases like the new credit card, which is expected to debut in the second half of next year, the social network working alongside Venmo could help announce the product and induce at least some users to apply for it.”

October 25, 2019

On the web

PayPal Reports Strong 3Q Earnings on Surge in Venmo, New Members

Mobile Payments Today

“The company reported a surge in net new active accounts, rising 16% or 9.8 million to 295 million accounts.  The company saw a strong increase in business from Venmo, which rose 64% to process more than $27 billion in total payment volume during the quarter. Meanwhile P2P volume grew 39% to $51 billion during the quarter.  “Venmo continues to be an incredibly powerful platform for engaging consumers,” Dan Schulman, president and CEO of PayPal told analysts in the quarterly conference call.  He said the Venmo figures equal about $300 million in payments a day for an annual run rate of more than $100 billion. He said Venmo has made tremendous strides in use cases, citing the recent deal with Synchony for a new Venmo card.”

April 25, 2019

On the web

PayPal’s Venmo Isn’t Enough to Drive Payment Volume Growth


PayPal Holdings Inc. released first quarter results that showed rising sales and profit but a decline in payment volume growth, a closely watched measure of the company’s popularity among customers.    The San Jose, California-based met analysts’ expectations for revenue and exceeded them for per-share earnings last quarter. On a conference call after the report, PayPal said it was pleased with plans to make money from Venmo app, although it didn’t offer specifics. The mixed picture gave investors little reason to boost the shares, which is near a record high. Shares of PayPal have risen 28 percent this year, as analysts expected the company would continue reaping benefits from a strong e-commerce market and hopes that Venmo will soon turn a profit.”

April 19, 2019

Top Post

Venmo’s Latest Effort to Turn a Profit: Credit Cards

Wall Street Journal (paywall)

“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.”

September 24, 2018

On the web

Venmo Looks to New Leader to Overcome ‘Growing Pains’

Wall Street Journal (paywall)

“Venmo is best known as a money-transfer service that connects to users’ bank accounts and lets them send money digitally, along with a caption or an emoji that by default gets posted into a public newsfeed. It has become a hit with consumers—more than $14 billion in payment volume moved across Venmo in the second quarter—but a financial drain on PayPal since it doesn’t charge most users to move money.”

August 28, 2018

On the web

August 27, 2018

On the web

Venmo Considers Making It Harder to See What Other People Are Buying


“In recent weeks, executives at PayPal Holdings Inc., the parent company of Venmo, were weighing whether to remove the option to post and view public transactions, said a person familiar with the deliberations. It’s unclear if those discussions are still ongoing, and regardless of the outcome, payments between friends would still be visible on the home feed, said the person, who asked not to be identified because the discussions are private.”

August 10, 2018

On the web

Why Millennial Favorite Venmo Is Paypal’s Key to Future Success


“The possibilities are endless for Venmo, as it can be a payment option in any industry that has straightforward exchanges of money. Uber and Abercrombie & Fitch ANF are just two examples of Millennial-loved companies that Venmo has recently partnered with. These moves are part of a larger “Pay with Venmo” initiative, a long-term strategy to monetize Venmo. PayPal’s latest quarterly report proved the increasing significance of Venmo and mobile payments to the company. The app processed $14.2 billion in volume, soaring 78% year over year. Payment volume over the past 12 months amounted to $46 billion.”

August 8, 2018

On the web

July 26, 2018

On the web

Venmo Continues To Shine For PayPal

Mobile Payments Today

“PayPal continues to see success with Venmo as the mobile person-to-person app accounted for more than $14 billion in total payment volume in the second quarter that ended June 30, according to PayPal’s latest quarterly statement. Venmo overall has processed more than $46 billion of total payment volume over the past twelve months, according to the statement.”

July 18, 2018

Top Post

PayPal’s Venmo App Exposes Most Transactions Via Its API

Bleeping Computer

“The vast majority of Venmo transactions are being logged in a public API accessible to anyone, according to the recent investigation of a privacy advocate. The reason this happens is because the Venmo app’s default settings are set to “Public” for all users.  Unless users specifically change this value, all the transactions they make via the Venmo money-sending app are logged and made available to anyone via the Venmo public API. Data exposed via this API includes the first and last name of the sender and recipient, Venmo avatars, the date of the transaction, a comment regarding the transaction, transaction types, and more.”

July 12, 2018

Top Post

Uber And Uber Eats Now Let You Split The Bill Using Venmo

Venture Beat

“A key factor in this latest partnership appears to be data suggesting Venmo was already a popular mechanism for sharing payments between multiple Uber riders. Someone would pay for an Uber ride through their account, as usual, and then request reimbursement from their friends through Venmo. According to the company, more than 6 million Venmo payments last year mentioned the word “Uber,” which offers some indication as to how popular this new payment integration should prove.”

June 25, 2018

On the web

Venmo Officially Launches Its Own Mastercard-branded Debit Card


“Venmo today is officially introducing its own debit card in partnership with Mastercard, following beta tests of a Visa-branded debit card last year. The new card will allow Venmo users to pay anywhere Mastercard is accepted in the U.S., and will record transactions to the user’s Venmo account for easy splitting with friends. It can also be used at an ATM to withdraw funds from the Venmo’s account’s balance.”

June 15, 2018

On the web

Venmo Is Discontinuing Web Support For Payments And More


“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.”

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