The Emergency Money for the People Act additionally recognizes that not everyone has a bank account. So it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo. This has seen the increase in the usage of Venmo.Venmo is available for Android, iOS, and Blackberry. It simplifies money transfers between individuals and also avoids the awkward face-to-face talks about money like who owes whom a couple of dollars.
Launched in June 2012 by PayPal, Venmo is a mobile payment allowing users to make direct money transfers or card payments between friends using a mobile phone app. To use Venmo service, you need to link to your credit card, debit card or checking account. Users can store some money in Venmo or cash them out to a bank account immediately. Venmo has also recently added a feature that enables websites and businesses to add payment services.
- Pay friends or family with a Venmo account using someone's name, username, phone number or email address.
- Venmo enables you to find friends automatically by syncing your phone contacts or Facebook friends.
- Use your Venmo account to make purchases in mobile apps and share your buying with friends. You can also check out to see what your friends are buying.
- Venmo helps you to keep track of what you bought, when and from where.
- After you pay with Venmo, you can split the bill with friends more easily.
- Venmo will keep your actual card and bank info stay secure by using data encryption
To protect users against unauthorized transactions, Venmo adopts bank-level security, data encryption and PIN codes set up by users for mobile application use. However, it happens when these security measures fail to protect users' account information, leaving users to suffer financial loss.
The most frequent complaints about Venmo is the company’s inability to email users when big changes have been made to their banking account information. In other words, hackers have the full freedom to change users’ passwords and transfer their money, yet users have no idea about all of this.
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