In recent years, mobile money wallet has grown in numbers. Most especially apps like PayPal and Square Cash has been gaining the most popularity. However, they’re other new mobile money apps competing for a spot. That brings us to Venmo Mobile Wallet. Despite not having close to 250M users like PayPal, Venmo has become an integral part of the mobile money wallet in recent years.
Venmo is a mobile money app that allows you to make peer-to-peer money transactions. The sole purpose of the app is to reduce the risk of walking around with cash studded inside your pocket as well as to make mobile money transactions a lot easier. Also, it comes with a social media feature that publishes names, transactions, and comments just like facebook feed while withholding the amount. Maybe it is one of the reasons why the app is on the rise in recent years.
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Signing up with Venmo mobile wallet is an easy process, but before we go on with that, lets highlight some the features that comes with the app.
Mobile transfer: You can send and request money from users through the send/request feature. This also enables you to pay back to a friend or family your own part of a split bill. Also, you can request payment from anyone that owes you money.
Enabled Siri or iMessage option: This feature is exclusively for IOS users. You can give a command for a payment to be made to a specific person or group using the Siri or you can use iMessage to make payment.
Social media feeds: Venmo updates details of transactions as well as comments on the social media feeds. This is one feature that many are not comfortable with, a few don’t care about it and others just see it as fun. However, the social media feature can be controlled using the privacy settings.
Venmo card: Although it is yet to be launched, this is a feature many users are waiting for earnestly. The venmo card will enable users to make a payment from their wallet anywhere Mastercard is accepted.
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How to create a Venmo mobile wallet
To sign up for a venmo mobile wallet, you will provide the following details; name, contact number, email address, and password. You can download the mobile app to your android or IOS phone and sign up once you open the app or you can log on to the website and create an account. There is also an option to sign up with your Facebook account.
The next thing to do after creating an account with venmo is to link it to your bank account or your debit card. This will allow you to fund your account and also to withdraw at any time.
While funding your wallet, there are limits you can’t exceed. This is how it goes;
- Unverified accounts is limited to $299.99 transactions per week
- Verified accounts can make transactions up to $2999.99 weekly
The billings is with respect to certain features and it goes thus;
- Every payment funded with credit card attracts a 3% charge
- Every instant transfer to debit card or bank account attracts 1% charge.
Funding your wallet from your bank account incurs zero charge and transferring funds to your bank account incurs zero charges, the only difference is that it takes about 2 to 3 days to process unlike instant transfer that can be processed within half an hour.
In conclusion, the venmo mobile wallet gives room for peers to send and receive money. The social feature adds fun to it and it is more fun if your friends are using it too.