Venmo has changed the way people reimburse each other. From rent to dinner checks and bar tabs, to 'venmo' someone has now become a verb. But have you ever wondered how the app makes money?
, is known for its emoji-filled newsfeed where users can see who their friends are paying, and for what. It ranges from roommates reimbursing utilities and rent checks to friends paying each other back for lunch, or last night's bar tab.
But does Venmo actually make money? For years, it hasn't. In 2019 though, PayPal Chief Operating Officer Bill Ready says the app has made progress towards breaking even. For now, the team at Venmo is more concerned with expanding its share of the digital payments market. Still, there are concerns about privacy for users and security for their money. There's also competition from the big banks, which launched their own peer-to-peer payment option called Zelle. Payments companyMany on Wall Street are watching closely to see whether this millennial-driven payments phenomenon is a flash in the pan or here to stay.
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