Venmo also offers its own credit and debit cards that you can use to make purchases and earn loyalty points. Large companies such as Uber and various e-commerce stores allow you to pay with Venmo, for instance. It allows you to easily split rent with your roommate, send cash to a family member, or transfer money to someone for any number of other reasons.īusinesses are adopting Venmo in different ways, though. Many people use Venmo strictly for personal transactions – the company reports that the average payment amount is $60. Registration is a piece of cake, and you can use your contacts or email addresses to find your friends. The app is simply a digital wallet connecting to your payment methods.

Venmo is also popular in the U.S., with more than 75 million active users. It’s convenient, as you can also use it on your computer or in person since it’s attached to the user’s bank account or a debit or credit card.

The payment app is a great option for users who want to send or receive cash fast through their smartphones. Venmo is a payment platform owned by PayPal, but it only operates in the U.S.

Download irs venmo