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Most Innovative Companies

Venmo

In 2016, PayPal decided to finally expand Venmo beyond peer-to-peer. Users can now use Venmo to make purchases in other mobile apps. The feature has been rolled out to select apps, including Munchery, Gametime, Parking Panda, Priv, and Poshmark, and Venmo plans a wider expansion soon. This is the first attempt to make Venmo a money generator for PayPal. In 2016, Venmo launched a national ad campaign and had a total payment volume of $17.6 billion.

When Venmo debuted in 2009, it was not the first P2P mobile payment option available, but since then it has certainly become one of the most popular. Venmo was acquired by digital payment process Braintree in 2012, which PayPal bought up the following year. Venmo appeals to users because it offers a speedy, fun way to send money, regardless of bank account. Exchanges can be private or public; users are prompted to include emoji-filled descriptions of transactions, which friends can then “like” or comment on in the app’s social feed.

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2017: Finance
News

Look out, Venmo: Amazon’s Alexa may soon let you send money to friends

Venmo (and PayPal, Zelle, Apple Pay, and Square Cash) may soon have a little competition from Amazon’s Alexa. CNET reports that biometric software company Daon, which helped MasterCard develop its “pay-by-selfie,” has come up with a way to let people send money using Alexa. Don’t get too excited, though: “It will prevent an annoying friend from yelling … Continue reading “Look out, Venmo: Amazon’s Alexa may soon let you send money to friends”

Look out, Venmo: Amazon’s Alexa may soon let you send money to friends
News

Venmo settles with FTC after it “did not live up to” promises to users

Peer-to-peer payment service Venmo, acquired by PayPal in 2013, promised users “bank-grade security systems.” But a Federal Trade Commission investigation has determined that the popular app failed to properly protect millions of users against fraud. Today, the U.S. Federal Trade Commission announced that it has reached a settlement with PayPal that will require the payments … Continue reading “Venmo settles with FTC after it “did not live up to” promises to users”

Venmo settles with FTC after it “did not live up to” promises to users
News

Now you can use Apple Pay to send cash to friends, family, and babysitters

At Apple’s WWDC conference back in June, the company announced that it was giving Apple Pay a person-to-person payment option akin to Venmo and functionality built into Facebook Messenger and Snapchat. Apple Pay Cash turned out not to be ready to ship when iOS 11 did in September. But it’s enabled in a public betas … Continue reading “Now you can use Apple Pay to send cash to friends, family, and babysitters”

Now you can use Apple Pay to send cash to friends, family, and babysitters
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News

PayPal expands “pay with Venmo” to 2 million online retailers

Venmo, the PayPal-owned mobile app best known for peer-to-peer money transfer, is morphing into a full-fledged digital wallet. As of yesterday, any mobile website that accepts PayPal will also accept Venmo as a form of payment. That makes Venmo a viable checkout option at over 2 million U.S. retailers, including Foot Locker and Forever 21. … Continue reading “PayPal expands “pay with Venmo” to 2 million online retailers”

PayPal expands “pay with Venmo” to 2 million online retailers
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