Make Mobile Payments Overnight With a New App, from Venmo

By Rachel Schramm - 10/01/2012 07:00:00

Instead of waiting for a bank to process a check, or funds to transfer from PayPal, Venmo lets its customers send mobile payments overnight just by pressing a button. Friends can pay each other for a meal that they split, or roomates can pay each other for their share of the house bills.^[1] Venmo’s new Cash Out app for Android and iPhone simplifies the money transfer process between Venmo members and adds to the growing universe of virtual wallet applications.

The speed and convenience of Venmo's new mobile payment app puts them ahead of most banks and even the popular PayPal. Venmo hopes that their quick turn-around time will help distinguish them from more well established competitors. The accessibility of the app's technology allows for quicker access to their financial services. 

 

Who Can Use Venmo?

 

Although Venmo is currently available by invitation only, the sign-up process is even faster than their money transferring process -- and both are entirely free.^[1] If someone with a Venmo account tries to make a mobile payment to someone without a Venmo account, the recipient will receive an invitation to join Venmo on their phone, email or Twitter account. After receiving the invitation, their bank account is verified, and the money will be transferred to their account immediately.^[2] And after they have an account, new users will be able to transfer money to other Venmo members and make use of their services . Users can find other Venmo members using phone number, or Twitter accounts.

 

Advances in electronic financial services present opportunities for companies and individuals alike. And Venmo's technological progression means wider access to fast money transfer process. The ability to spend money easily could lead to smarter spending, and contribute to quality of life.^[3] Perhaps, if consumer confidence increases alongside quality of life, innovative companies like Venmo will help improve the lumbering world economy. 

 

References

 [1] "Venmo." Venmo. N.p., 2011. Web. 9 Jan 2012. <https://venmo.com/>.

 

[2] VanGrove, Jennifer. "Venmo Now Overnights Funds To Your Bank Account." Mashable: Social Media. 01 06 2011: n. page. Web. http://mashable.com/2011/06/01/venmo-cash-out/>.

[3] Venmo Review: It's like your wallet and your phone had a beautiful baby." Alexy Needs a Web Presence. 06 2011: n. page. Web.<http://alexemk.com/its-like-your-wallet-and-your-phone-had-a-bea>. 

 

Use of Venmo is strictly voluntary.  Check ‘n Go assumes no liability for actions taken or not taken by Venmo or other events over which Check ‘n Go has no control.