Venmo: it’s like your phone and your wallet had a beautiful baby

Venmo is a SMS-based secure payment app for iPhone and Android.

The basics:

  • Links to a credit card and bank account.
  • Allows users to charge, pay and trust other users (via SMS).
  • It’s free and there are no transaction fees.
  • It’s only in the US for now and it’s still only available for download via an invite.

Paypal Mobile vs. Venmo

There are two major points of differences. The first is that Venmo  allows you to ‘trust’ people. When you ‘trust’ someone you no longer have to confirm charges from them. For example, if you ‘trust’ your friend John, and he charges you, the funds will be immediately deducted from your account and deposited into his. You will still be notified immediately via email and SMS, and have the option to reverse the charge. The second point of difference is that Paypal charges transaction fees and Venmo does not.

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