Categories: News

Venmo Has Defeated Many Big Banks and Here’s What You Need To Know

Mobile banking apps have made monetary transactions simple and less time-consuming. Consequently, some of the best names in this category are currently subscribed by millions of users and the number is only increasing exponentially. 

Venmo definitely stands out in the list of online money transfer apps. The application has only been around for a decade but it looks like a majority of people are utilizing it to send and receive funds from friends and family. Although Venmo has transaction limits that you need to keep in mind, these are ample and should not be a problem for daily users. 

Venmo’s success has been recognized at many well-known forums to which its corporate affair head had responded “We are in a period of profound transformation in the very nature of money. Digital payments are quickly replacing cash and Venmo has been front and center within this shift.” 

These may just sound like motivational words but the truth is that the app’s performance is backed up by statistics as well! Just in the last one year, Venmo successfully processed more than $8 billion transactions. The number is now expected to jump to 103% in the years to come. 

So, what is the reason behind all the praise and popularity? Here are some pointers that might help you understand. 

Shopping With Venmo Comes with Additional Rewards 

Venmo app has cash back offers for its users in partnership with at least 19 different brands. You can avail up to 10% cash back of some of these retailers along with other incentives. Costco even offers $20 cash back on the first purchase made by a new member and paid via Venmo app. 

Since Venmo is owned by PayPal, you can use the app to pay at PayPal-accepted websites as well. This makes shopping easier and increases the number of online stores from where you can purchase, especially if paying via credit card is not possible. 

The App Can Help You Raise Money as Well 

Since the app is being utilized by a large number of people, it is a perfect platform to collect funds for a cause or a project. One user shared his experience with Venmo by stating, 

“A few weeks back I decided to raise money for the George Floyd Memorial Funds over Instagram. By using a bingo board and listing my Venmo name, friends and family were able to donate to me on Venmo. I wouldn’t have been able to raise $218 without it!” 

Related Post

Once you have the amount you need, you can easily transfer them to your bank account. 

Venmo Cash Card Is Pretty Cool 

Another thing about Venmo that has users hooked is its impeccable cash card. You can use it to shop online, pay in-stores, and withdraw cash at an ATM as well. 

For those who are into aesthetics, it is a good piece of news that the card is now available in plenty of colors that you can choose from at the time of application. Moreover, it comes for FREE but all you have to do is set up a Venmo online account beforehand. 

Venmo cash card supports contactless payments which only a few other cards feature. This would save you a lot of time and come in quite handy especially amidst Covid-19 pandemic situation. 

It Is a Great Budgeting Tool 

Did you know that Venmo can also conveniently help you manage your monthly costs? You can use it to budget your income and the funds you receive from other accounts. Since it maintains a history, this app can help you track where you have spent money and decide how to cut down your spending, if needed. 

The App and the Cash Card Are Complete Secured 

Another factor that customers value a lot is the security of the money transfer app that they are using. Luckily, Venmo has it all! You can ensure the safety of your app by choosing a secret PIN for login whereas a cash card is just a tap away from disabling in case it is stolen or misplaced. 

On top of that, Venmo uses encryption to make sure all your data and personal information is kept private. You can introduce additional layers of security on your app by putting multifactor authentication. 

Are The “Big Banks” Trying To Fight Back?

Obviously, the banks that have been facing strong competition from Venmo do not plan to go down without a fight. A majority of them have grouped together and now introduce Zelle as a competitor to Venmo.  

Whether their effort will be fruitful or not is something that only time can tell. So far, Venmo has a strong user base that is nowhere near downfall! 

Francisco Memoria

Francisco is a cryptocurrency enthusiast who's lucky enough to be able to write about his passion.

Share
Published by
Francisco Memoria
Tags: Venmo

Recent Posts

Smart Traders Pile Into $MOG As Token Continues To Break All-Time Highs

In the ever-dynamic world of cryptocurrency, $MOG has been a standout performer, breaking its previous…

5 hours ago

Tether Treasury Mints 1B USDT As Whales Inject 278.7M Into Crypto Market

Yesterday, the Tether Treasury minted another 1 billion USDT on the Tron Network, marking the…

5 hours ago

Real World Assets In DeFi Reach $3.89 Billion TVL, Marking Major Milestone

As of July 2024, the Total Value Locked (TVL) for Real World Assets (RWA) in…

5 hours ago

Ethena Protocol Surges In Stablecoin Supply And User Adoption

The Ethena protocol has experienced impressive growth in 2024, particularly in the supply of its…

5 hours ago

DeFi Blue Chips Poised For Breakout Despite Record Low Valuations

Despite lagging in 2023, DeFi 1.0 assets are now positioned for a significant breakout. DeFi…

5 hours ago

MOONHOP’s Presale Skyrocket | Shiba Shootout Value | Bonk Investors’ Moves

Best Meme Coin Gainer: MOONHOP's Presale Skyrockets, Attracting Bonk Investors While Shiba Shootout’s Value Soars…

11 hours ago