Venmo is a mobile payment service that provides free peer-to-peer transfer of money from a bank account, debit card, or an existing Venmo balance. It is the favorite payment app of young adults because of its convenience. Once set up, sending money with Venmo is as easy as entering the name of the business you’re paying, tapping Pay or Request, entering an amount, a note about what it’s for, and clicking Pay. Venmo has nearly 90 million users, and its rise can be credited to the fact that standard Venmo services like sending money to friends and family using a debit card or checking account are free of charge. However, Venmo does charge fees for processing transactions with a major credit card. A 3% processing fee is added to every transaction paid for using a credit card.
