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How does Venmo work?

How often has it happened that at the end of a dinner, when everyone put their share, there were problems because it was possible to make a precise division of the money? Venmo is an application designed specifically to be able to overcome the problem of payments between multiple people. The application is available for iOS and Android and was created in spring 2009 by Iqram Magdon-Ismail and Andrew Kortina. The two met in 2001 at the University of Philadelphia. Venmo has been an application owned by  PayPal since 2013, which bought it for 800 million dollars. But how does Venmo work, and why is it having this success?

Micropayments

Once downloaded, you can log in via your Facebook account or email and confirm the phone number. You can decide whether to connect the profile to your current version or a debit or credit card only. Venmo allows peer to peer mobile micro payments such as the division of the pizzeria account Venmo work. In fact, through the app, money can move from one current version to another for free. If you decide to link a credit card, Venmo retains 3 per cent of the transaction value. Venmo, like PayPal, can not only receive money but also request it. The users must then confirm all transactions.

Social Venmo

Another exciting and not at all secondary feature of Venmo is the social side within the application. There are three main elements of the social network within Venmo: payments made by your friends, those made in neighbouring areas and those coming from your account. The completed payment form can post (without indicating the details, such as the amount), pushing users to original and creative. Other users can decide to like or comment on the microeconomic activity of their friends.

Transfer money with iMessage

With the update of iOS to 10, the union between social and online payments of Venmo has made it possible to transfer money through the integration of Venmo into iMessage making the transition of cash even faster and more practical. Once the money sent, the other person must accept it to complete the change.

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