Venmo is a peer-to-peer payment app that was founded and created in 2009. It has become increasingly more popular as it has become its own form of social media and as more and more people using their phones as their wallets. venmoOn Venmo, people are able to connect with friends and pay them using their debit or credit cards or bank account. Since apps like these are relatively new, some people are wary of the security of their information. There are so many pros of Venmo but there are also many cons of using the app, so here is a compiled list:

Pros:

  • Readily available
  • FREE!
  • Able to make quick payments to someone or deposits to your bank account
  • Relatively easy to use and understand
  • Convenient to use instead of splitting the bill, bothering the waiter to have separate checks, or having someone cover the cost of a shared item
  • Most people use Venmo
  • Don’t need to worry about carrying cash
  • It is a fun way to send friends cash and see who other friends are paying. A description is required and emojis are encouraged, so those reasons can get a little interesting
  • Receiving and sending most payments are free (except over credit card)venmo2

Cons:

  • Lack of security
  • Transfers do not happen instantly, so fraud is very possible
  • People are able to cancel payments and if you sold something to a stranger, you may never receive your money, similar to receiving a cancelled check-for more about this visit Everday Money
  • Very poor customer service, there is no contact number given
  • 3% fee for use of credit card
  • Connected through email, so if your email is hacked, your Venmo can also be hacked
  • Doesn’t work outside of the United States (yet)
  • $2,999 transfer limit
  • Can be seen as unprofessional

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