New Venmo Updates

Author: Artem Hihach

Venmo is a peer-to-peer payment app that allows users to send money to their friends and family. Venmo was initially created to help friends and family who wish to split bills for cinema, dinner, and other entertainment purposes. However, the application is doing far more than what it was created for. 

Today, we’ll discuss some new updates and features the company is introducing to its users. 

Gift-Wrapping

Venmo is developing a gift-wrapping function that will allow users to give money to friends and family in a unique and creative style. The new feature, which is now being rolled out, provides customers with access to eight animated gift-wrap patterns that may be appended to a payment message. 

You can choose the wrap design you would like to wrap the gift (money) with. After you’ve decided on a gift-wrap design, you can preview the animation your receiver will see, then confirm and send the payment. 

According to Venmo, both the sender and the recipient may replay the animation at any time they want. Venmo’s new gift-wrapping option is already available to selected customers and will be available to all users in the coming weeks.

Instant Transfer Pricing

Venmo will soon make changes to Instant Transfer costs for both users and merchants. Customers who use Venmo will have more options for accessing their money. That is why Venmo provides options such as Instant Transfer, which allows customers to transfer money instantly to a bank account or debit card.

Venmo transfer takes up to 3 business days, however, there is an instant transfer option. Users will pay 1.75 percent of the transfer amount for personal accounts on PayPal, and consumer and business profiles on Venmo, with a minimum cost of $0.25 and a maximum transfer fee of $25.

$500K Campaign for College Students

Good news for college students. Venmo will be giving students the chance to win up to $500,000 cash prizes, ranging from $5 to $500 as a way to give them the opportunity to win more cash prizes. In addition, one lucky winner will get $10,000 as a summer package. 

From now till the end of May, Venmo will be touring campuses to give students the opportunity to participate in the program. Students with a Venmo account can participate by scanning the life-size Venmo QR code on campus and confirming the personal details on their Venmo account. 

Bitcoin on Venmo

This feature is quite old. However, it is constantly updated. Customers using crypto on Venmo may see cryptocurrency trends, purchase or trade crypto, and access in-app tips and videos to assist them in answering frequently asked questions while learning more about the cryptocurrency industry. Customers utilizing the cryptocurrency feature on Venmo will have access to 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. To purchase cryptocurrencies on Venmo, you may use your Venmo balance, your bank account, or your debit card.

Pay with Venmo at Checkout

Amazon customers will soon have the option to pay with Venmo. PayPal announced a partnership with Amazon that would allow US consumers to pay with Venmo at the checkout. There is no timeline for the feature release, but when it happens, you will be able to pay using either your Venmo balance.

Conclusion

Venmo’s new updates and features are welcome functions for shoppers and p2p users. In the nearest future, Venmo users will be able to checkout on Amazon without credit cards, and buy major cryptocurrencies. Additionally, they will be able to wrap money as gifts and participate in games.