What is the Venmo App?

The Venmo app is a free digital wallet that lets users transfer money to each other. The app makes sending, and receiving payments easier than ever before. You can pay anyone with a Venmo account using money you have in the app, or have linked to the app, all with the tap of a finger.

Venmo is also a semi-social network. You can add users as friends, and scroll through a “payment feed,” just like you would on other social media platforms, like Facebook or Twitter.

How Does it Work?

Once you download Venmo, you can setup an account profile, and link your debit/credit card or bank account information to the app. Be aware that debit card, and bank account transactions are free, while credit card transactions require a 3% fee.

Although Venmo asks to collect your financial info, there’s no reason to be alarmed or worry about security. Nothing on your profile is public, and the app uses bank-grade data encryption to protect your info, all of which is stored and protected on secure servers. Users can additionally get email alerts about account activity to stay on top off their transactions.

After making an account, you can quickly make payments to anyone who has a Venmo username. Simply type in, or select a username in the app, enter the dollar amount in the top-right corner, add a note to explain the payment’s purpose, and tap away! Transfers only take a few seconds.

With Venmo, users can also request payments from friends. No more sending texts to ask for your money back! Your friends will receive notifications when you request payments, and follow-up notifications to remind them to accept the charges. Does your wallet do that?

How Can You Get Started?

All you need is an Android or other smartphone device to get started. Download the app, setup your account profile, and you can send and receive payments at your convenience! It’s that simple.

Think you’ll download the Venmo app? Already an avid Venmo user? Let us know your thoughts in the comments below, and if you’re looking for other apps that can help with your money matters, check out our blog post on top money management apps.