Author: Edeh Kelechi
What Is Venmo?
Venmo is a peer-to-peer (P2P) payment app founded in year 2009. The application allows users to send and receive money with fast and easy. Over the years, Venmo has grown from a text message-based payment delivery system into one of the biggest online payment platforms.
It is a worldwide recognized form of payment accepted by many numerous merchants. Users can link their credit, debit, and checking accounts on the app and receive money without any hassles.
Venmo aims to provide users with a safe and easy way to send money. The new look and feel is the first step toward adding more functionality to users’ wallets and allowing them to do more with Venmo.
What Features Did Venmo Include in Their Updates?
Some of Venmo’s interesting new features and functions include the following:
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New Ways to Send Money
Venmo cardholders have access to the same features to manage their cards, view rewards and offers in one convenient location.
Cash App added a new cryptocurrency feature. The crypto feature gives customers quick access to real-time trends, buy, sell, and hold four different types of cryptocurrencies directly from the app.
Another cool feature that Venmo introduced in the recent update is a feature that allows users to send gifts to friends and family.
The gift-wrapping feature allows users to send money to their loved ones with ready-made and customized animation. To use this feature, tap the pay and request button, then add the recipient and payment note.
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Tax Updates
Following the new tax laws, Venmo included in-app notifications for users’ tax information. Their update FAQ states that “customers may receive an in-app notification or an email asking them to confirm the information they use to file their taxes. Customers who provide this information will be able to use their Venmo account to accept payments for goods and services without issue in 2022 and beyond.”
Venmo users should see a toggle at the bottom of their screen when attempting to send money to someone, allowing them to specify whether the money is sent for the purchase of goods or services. Anyone who makes a little extra money on the side by leasing out their home on Airbnb or selling hand-crafted goods on Etsy will be affected by the new $600 reporting threshold.
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Instant Transfer Pricing
Venmo will also make changes to its instant transfer pricing for customers in the United States. Venmo introduced instant transfer pricing to allow customers instantly transfer money to their debit card or bank account.
They will be making these changes to match the service they provide. Users with consumer and business profiles will pay 1.75% of the transfer fee – about $0.25 to $25. The pricing updates will be effective for Venmo users from the 23rd of May 2022. However, users can still use the standard bank transfer option with no fee attached.
Conclusion
Venmo is one of the peer-to-peer (P2P) payment applications in the world. Their recent update, which comprises cryptocurrency integration, tax update and new pricing, will help them gain more users will some people may find it ridiculous.
