How Venmo Makes Money

[@CNBC]

Which digital payment app do you use?

[@roachtoasties]

For privacy, I don't post any information that touches personal finances online.

[@spicyzombie4]

I don’t use a digital payment

[@woelfli93]

TWINT (the same Idea, works only in Switzerland)

[@UnKnown-zz6we]

I don’t have any money

[@mwhunter2346]

DANA and OVO

[@EvaHoffmann153]

Gaining more financial independence is probably the result of knowing how to handle personal finances and invest. People are better equipped to save, spend, and invest their money when they have a solid understanding of money and investment. In this market impacted by the recession, a trader made over $350,000.

[@MarshalWagner457]

Although stocks are currently rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.

[@TicheDebb0]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@AshleySommerset808]

Mind if I ask you to recommend this particular coach you using their service?

[@TicheDebb0]

Rebecca Noblett Roberts is one of the best portfolio managers in the industry, deserves recognition. She is well known; you ought to look at her work.

[@AshleySommerset808]

Simply by pasting her full name into my browser, her website immediately displayed. You've spared me from doing a lot of tedious research, so thank you.

[@kevind97]

A very VERY VERY well put together video. Describing the business, history, competition, scandals. This is like a very well written essay. Props to CNBC. I look forward to more videos. Some ideas would be shining light on some start-ups or rising ones if there isn't a large of enough background.

[@cesarsojo243]

I enjoy how it's not just a one sided argument but a critical look on how a company like Venmo operates and if it will be profitable in the future.

[@RonJohn63]

_A very VERY VERY well put together video._ The music is loud, grating and distracting.

[@sgrube2]

They are always really engaging

[@paleobc65]

Especially for business students!

[@charlech]

And she's hot

[@brennany]

Let me summarize this 11:29 video. How Venmo Makes Money? It doesn't.

[@mmahon04]

Thank you. I watched the whole thing as well, basically to hear that they function as a rent-seeking middleman...that's still not profitable.

[@hieunguyenhuu5810]

Your summary is pretty bad. Is Venmo making money right now? It isn't. Is Venmo going to make money in the future? It may. Many tech companies is doing business or going IPO with a lost. This is typical. They are not going to make money now because of the high initial investment cost and they accepted losses to expand their market reach. Once they are big enough (like Facebook or Google) and hold large enough market shares, they can start making profits by economies of scale, start charging small fee on transactions or charging banks a small percentage to get access to that money for investment. For example, if your operating cost is 300 millions and you are generating $10 each per person with consumer base of 20 millions, you will be making a loss. If your base continue to growth and your cost remain the same, you are making huge profits the next year. Lyft is making loss the same way. Same for Facebook when 1st first started and called itself free social network. Same for Uber. Every cent that you leave in your venmo account is a cent that a bank can lend out without paying you a damn shilling of interest rate. You are giving them money to do business for free.

[@jamescrud]

Whether it makes money or not is irrelevant. The whole point of these startups (back then and now) is to get bought out by someone bigger. Venmo did make money...for the people that founded it. That's all that matters to them.

[@randgate]

Gain volume, screw the consumer and merchants later.

[@codycast]

It makes money in lots of ways (as described in the video). They’re just not profitable

[@GangstaInLaw]

wow his name is BILL READY.. how ironic !!

[@armadiar8604]

GangstaInLaw lol

[@mykalimba]

It's actually *apropos* that that's his name. It'd be *ironic* if his name was something like BILL IAMBROKE.

[@vasilchervenkov4633]

How thematic!

[@pondigaza7809]

Haha wonder where the idea of venmo came from lol

[@godmadesam]

GangstaInLaw he was born to do this! Lol.

[@tired2sleep]

Didn't think much of CNBC back then, as with other cable new networks. But seems they are smart enough to know what media outlet gets people's attention these days. I love these quality videos

[@LetoDK]

So "millennial" pretty much = " young people" now... Just say "young people"!

[@hamadaj8081]

well i think they're referring to a specific group of young people who are more "tech savvy" and "liberal"....i dont think they mean the young people in africa or southeast asia for example.

[@silasdietrich7464]

I agree with hamads first statement, you have mellennials that as of now are 24-37 years old and younger than 24 are gen z

[@andriod8014]

LetoDK no my generation are young, you guys are too old.

[@ro-deo119]

@@peterlangalanga4234 forgot your meds?

[@santacruzDiego]

Video: “not insured” Me stops video and transfers funds

[@alexanderslobas]

Its crazy that how PayPal will probably buy every upcoming money transfer company that seems promising.

[@Justin-gw2zp]

Is that Monopoly I hear

[@uno9331]

Don't Touch Me PayPal is not failing I use PayPal faithfully just because it’s less popular method doesn’t mean they’re not the best

[@552mustang]

Alexander Anderson Thats why the banks created Zelle. Paypal cant buy that.

[@fgsaramago]

@@uno9331 the only thing PayPal is best at is screwing over sellers with ever increasing outrageous fees, thus increasing the price of must stuff you buy on the internet. PayPal had long been a cancer and even eBay reached that same conclusion

[@ChrisInvests]

Buy paypal stock?

[@JRKonungrinn]

You keep saying "millennials" like we're not all almost 40 years old, struggling to survive, and think this is stupid. The generation you're trying to describe is apparently Gen Z.

[@maplenerd22]

The millenials generation are people born from mid-80s to mid-90s. Those are the people with disposal income that are using this app. Gen Z are either in college are just getting out. That's not the major demographic that's using venmo.

[@JRKonungrinn]

@@maplenerd22 I know which generation is which. It IS the privileged college kids who like Venmo. Us millennials DO NOT have much disposable income, this economy is a mess.

[@CGoffgrid]

@@JRKonungrinn Learn a skill that pays.

[@JRKonungrinn]

@@CGoffgrid I work in the medical industry. The economy still sucks.

[@CGoffgrid]

@@JRKonungrinn Booming here. Has been for years.

[@this_time_imperfect]

Oh boy it's owned by PayPal... Get ready for payment holds, fraud, and abysmal customer service.

[@ihsankamil6279]

Lol yeah

[@wild_taco_gonecrazycorona9112]

and data sold and money laundering at your cost lol people so fool

[@shawncrayon3525]

@@wild_taco_gonecrazycorona9112 [phone]

[@shawncrayon3525]

@@wild_taco_gonecrazycorona9112 [phone]

[@shawncrayon3525]

@@wild_taco_gonecrazycorona9112 I got $3k

[@aidanmulligan8916]

These people talk about Venmo as a social network like I'm actually scrolling through the feed liking people's transactions or even reading them in the first place.

[@DA-bm2mj]

06:55 "Explore what the *WORLD* is searching" 07:00 shows only the U.S. lol 🤣🤣🤣

[@karanjoshi2662]

But that's where these 2 app operate. I think the upi system used in India can help US direct transfer of money from bank account to bank account, super smooth. And yeah any app can apply this system and not just the banks.

[@norpriest521]

@@karanjoshi2662 Blockchain will destroy these outdated technologies

[@karanjoshi2662]

@@norpriest521 block chain is still too young but upi offers a bridge kind of thing which reduces hassle for both banks and payment apps. Let's see how block chains make it to the masses.

[@giovannitrejo3518]

I agree with Dan, it’s scary how so many people make it obvious who they pay and how much they pay. When I used it, I would make my transactions private so nobody else could this on the ui

[@bagondreamer]

Thanks so much CNBC, i really needed to be reminded every few seconds that the man's name is Bill Ready

[@ChrisBoulas]

LOL at how they speak about these "millenials"

[@jonmktchell]

Yeah, millennials are under your bed and are coming for you!! Also, to the guy at 1:00 (who looks suspiciously millennial aged btw) we don't all like the social media component of venmo. I'm a milennial and it also freaks me out. Of course they don't mention that you can make payments privately.

[@CalebBrandalise]

weirdos

[@phug0id]

Jon Mitchell Agreed. I always make the transaction private... but most people don't care/don't know about making them private unfortunately.

[@Railien24]

"Pampered" Hated that

[@todoldtrafford]

Ok boomer

[@keanuhypolite329]

Pretty much the “underbanked” is a nice way of saying the hood 😂❤️🤞🏽

[@godfathaofyo]

I agree, any infro on why Cash App is more popular with the "underbanked" than Venmo? Are there different requirements to join?

[@habibbialikafe339]

@@godfathaofyo cuz cash app is cooler

[@habibbialikafe339]

blck ppl*

[@SR-mi6jf]

It would probably also include rural communities

[@SuperNerd528]

I like my e-transfers linked to and deposited in my bank and vice versa.

[@TruFinancials]

I prefer Cash App myself but have pretty much all the money transfer apps. Makes it easier when someone needs to pay me and they only have one of these and I have an account with all available money transfer apps.

[@faizanhaque2070]

This reporter did a great job on transparency

[@crieseasily]

I definitely do NOT like people knowing who I am paying. So I have my account on private, duh.

[@xanpagebrown]

Why not just use PayPal?

[@trancendal_]

xan page-brown Venmo is marketed toward millennials. PayPal is more oriented toward casual users, or business owners

[@yuukifurugaki]

They charge fee

[@god5535]

Because it has TWO capitalized letters.

[@Shaurya_Pant]

In India we have UPI and we can actually transfer money to someone and they can spend it real-time. And it's here for over years now. Are you saying that this type of real time money transfer system doesn't exist in US? :|

[@zesowl]

I love it when companies say we are not in the business of selling personal data and then three month later you get an email that says our terms and agreements are change in order to enhance your experience aka we have now selling your personal data

[@Jetisback00]

Lost me at Wells Fargo.

[@tomast1323]

Bill Ready dude is the most consumer-friendly COO I've ever seen

[@RE2PECT]

I am actually a hard working millennials.. thank you very much

[@Tryp-j9d]

HOW the hell are you MULTIPLE people???

[@JayAyers]

1:00 I don't. But Venmo has that "social" aspect public by default. Mostly to show people that your friends are using it. But seriously, I always change it to private every time.

[@fartexpertable]

@0:13 Cringe is at 100%

[@mbs811]

hahaha, I choked on my coffee when I watched that part. Too good.

[@-4subscriberswithahammerad521]

I’ve never heard of Venmo in my life And now I have

[@juanp2936]

Same

[@traplover6357]

Its a younger generation peer to peer money exchange app. Good if you dont carry cash and ask friends fro cash when i venmo what i owe

[@akin242002]

Basically owned by PayPal, but a better version. Like a child who surpasses the parent in job skills.

[@tomaslajara2689]

I use it all the time in college 🤷🏽‍♂️ UMass Amherst

[@Eddieboy3385]

-4 Subscribers with a hammer addiction damn that’s crazy. I found it in December of 2017 and it’s easily one of the best apps I have ever downloaded

[@Jaegi_]

I personally prefer my finances to not be social. I’m more of a cash app girl but I still have it on my phone ready for those two friends

[@YoungDen]

You can hide it in the settings

[@Sean_Connery]

Lord of the Jungle 😂 exactly

[@ThePlaceForThings]

another great video. been using Venmo since it’s inception and had no idea it was not a bank. was also unaware that the money you hold in your Venmo account isn’t insured 🤯 helpful information. glad I watched this. I wonder how the growing crypto market is going to effect Venmo’s user base in the next decade.

[@InvestingWisely]

Banks and other institutions are coming for Venmo hopefully they are making a lot of 💰

[@552mustang]

InvestingWisely They already have. Zelle. And Zelle is pretty good I must admit. Much faster than Venmo to get into your bank acct.

[@CliqueOverAnything]

@@552mustang and ppl don't know about what you spend money on.

[@abassimusic]

Great Video @CNBC! I however think you should let the world know what a revolution M-pesa is. Venmo could learn a thing or two from it. It's been in existence for about 2 decades in Kenya, and is far more advanced than Venmo. M-pesa generates billions for Safaricom, a Vodafone-owned business in Kenya. Venmo could eventually become a bank, offering loans, etc... Just the way M-pesa is today...

[@smks8er]

Id rather use Apple Pay I trust Apples commitment to security more than PayPal. Plus that whole broadcasting your payments in a social feed thing is just weird. I'd never do that and Im a millennial.

[@redriver15262]

i agree, their "Millenials" statements are ignorant generalizations

[@TCakes]

This is all so bizarre to me. Just moved here from Canada and back there we have etransfers and everything is instant, everyone uses it no app needed. You can even send it through iMessage if you want.

[@MRZEROTOINFINITY]

I’ll have to look into that. Guessing more regulations here compared to Canada? 🤔

[@Wolflowb]

I can get a venmo payment and withdraw cash from an ATM within a minute, how does that work?

[@ironyelegy]

Imagine that there are digital placeholders on funds exchanged depending on the service. That's how.

[@np494609]

benny wolf just get the Venmo debit card. Once you receive money in Venmo walk to an atm pay the fee and withdraw cash, or better yet use cash back at the grocery store for no fee

[@bitcoinrealitytv8571]

In other countries such as in Vietnam, Malaysia, we have Grab, Boost, all with zero fees, and all can be used for ride hailing, buying goods, restaurants, bus tickets, air tickets, hotels.

[@YoungL_rd]

Literally never heard of venmo til this video lmaooo, Cash app and apple pay is king

[@babaganoush56]

Lol just because you live under a rock doesn't mean that Venmo doesn't dominate both of those apps.

[@yolandamontague8203]

I absolutely LOVE apple!

[@comradejackso3886]

In Kenya we had peer to peer payments almost 15 years ago, MPESA. America has alot to catch up

[@phatasticmeemo]

Why not just utilize it with the existing PayPal? I already use PayPal for everything.

[@Commentator541]

Phatastic Meemo Probably some legal issue, and this is a way foe pay pal to continue the operations. But I agree. Regular bank transfer or pay pal work just as well.

[@timothyhorton1457]

M Detlef explain why?

[@phatasticmeemo]

@M Detlef how so? All app of such nature is the same as PayPal. All carry fees and takes your information. To think that no app does either of these things is VASTLY STUPID, as you put it.

[@phatasticmeemo]

@@timothyhorton1457 Because they already have my bank account info and charges the same fee as all these other apps. What makes Venmo any different aside from the name?

[@phatasticmeemo]

@M Detlef And what about the others? You think NO ONE can hack into them? There is no protection period for anything if you're using anything via internet connection. CashApp, Venmo, Zelle and etc they're all susceptible to fraud and hacking.

[@KingInTheSoutha]

My biggest takeaway is that you can go to Google trends and check what people are searching

[@trebledc]

$100B in your account, if you get a 0.01% bank interest is that $100M that is not small.

[@cemdursun]

$100B is the total volume of transactions in a year. No interest for that

[@johnbradly297]

0.01% of $100 B is $10M not $100M.

[@maplenerd22]

100 Billion is the amount of total transaction, not what they made.

[@KefirMMA]

Why not just transfer via interac within your bank's app? Am I missing something?

[@SuperCoalBlox]

KefirMMA I mean banks have Zelle like they worked together on it. I like using it

[@JessJalepeno]

Interac is Canadian. American financial systems are a lot slower with developing new systems

[@Mas3452001]

"A ahh small amount" in corporate-speak equals "one of our revenue-generating pillars"

[@Faridun2801]

It takes a lot of scrolling to find a comment appreciating the beauty of the presenter /reporter. A great job is noticed straightway, however, the beauty is being ignored.

[@HassanWorld]

Not to be too picky, but Bill didn't graduate in Software Engineering... A quick check on his Linkedin confirms that. Please put in appropriate time into researching one's background. Thanks!

[@nile7999]

Pay attention. They never said he graduated in Software Engineering, they said he had a background in it

[@elreytriton]

take one class in anything and you can put it in your resume and speech when you meet ppl

[@Minecratify]

In Sweden we have swish that is totally free and you use your mobile number to send money to other people. The Money does also transfer direct

[@pauskie6]

China has been doing this for YEARSS NOWW

[@jon-unicorn-doxxer]

No one cares...it's all about how it makes it money...not who created it first...

[@boomafoo9]

paula Still funny how it was shown as a new tech

[@jon-unicorn-doxxer]

@@boomafoo9 no it's not ..the app is created in 2009..that's 10 years ago...they just show the history of the app and the entire mobile payment industry...

[@allwaysaway]

How does Venmo make money? Skip ahead to the answer at 4:08 If you keep watching you'll also hear that outside of merchant partnerships they also monetize your account balances by investing in Government Bonds, and other secure investments.

[@sleepyzzzzzz7418]

I still don't get how this works??

[@reynanhenry612]

Deposit cash and you can send to people or use to purchase

[@Commentator541]

Reynan Henry but what part of it is new???

[@attomicchicken]

@@Commentator541 I dunno. We have something called PayId in Australia that utilizes Osko (an instant payment program). You can send money without knowing bank details by just inputting the recipients mobile or email address. It's also near instant. There's even an app major banks are partnered with ala our venmo that makes the process easier - benefit being the funds are not handled by a third party like Paypal I'm guessing America doesn't have such a system in place? Edit: Zelles apparently similar to PayId

[@mmahon04]

@@Commentator541 They were essentially first-to-market with peer-to-peer cash transfers, that didn't have to be a wire transfer and could be done simply.

[@elreytriton]

@@Commentator541 venmo and cash app only require you to connect your debit card to the app. they also used to give $5 when you referred people to sign up. Once they did that it went viral instantly. THAT is how they were getting 2 million a month and closing the gap. Baiting the poor with easy money by referrals. Literally why i joined too lol.

[@snip3d]

2 days to transfer money? Dont you have instant payments between banks yet?

[@bigzerofps]

In australia we have Beem_It. Its instant deposit into your bank account. Someone pays you and as soon as its received on the app, its in your account. No fees, no wait time. Its a partnership between all the big banks. As an American in australia, it is so nice. Blows venmo out of the water

[@straighttojailhehe]

So it's basically the equivalent of Zelle at the big banks. Venmo is usually used as a social paying platform and it's easier to split bills among friends

[@fgsaramago]

Pretty much everyone outside the US will have a system like that

[@davidgolf3245]

Great content as always from CNBC. Also the female on air talent is hotttt, like Kate in this video and Jennifer Elias on others I have watched. Love the ladies at CNBC.

[@ShivPatel-tn1ui]

*laughs in Canadian * how tf you guys don’t have etransfer 😂🤣😭

[@TheParaSIET]

2009 - Venmo creators -> 2012 - Braintree: buys Venmo for 26million -> 2013 - Paypal: buys Venmo from Braintree for 800million?? Braintree made 774million in only 1 year, what did Braintree do with the Venmo app in that one year?

[@fearless6947]

The money they made was so easy lol. I think the internet was the wild wild west. Internet companies were going bankrupt and many people didn't have confidence it in, I believe banks were not lending and people were not investing. Back then you couldn't get information about amazon even thought it was a great business, people where to scared to invest (me back then). 26 million is a lot of money and you can sleep better at night. That is life changing money.

[@SuhelPat]

mad cheap, they bought that honey extension for 4 billion lmao

[@Ronjourelreyes]

Is venmo instant yet? cause if not im sticking to google wallet. When my friends owe me it at least i get it the same day

[@marvbarr5293]

Ron Reyes yes it’s instant try it out I did and I enjoy it now

[@aeraxis5188]

"Receiving" the money is instant, and if you plan to use that same money to pay others/buy other things through venmo, then there are no delays. However, if you want to transfer the money to your bank account, then you will have to go through the standard ACH transfer process which usually takes one business day, unless you specifically ask for an instant transfer and are willing to pay venmo's fee.

[@CGoffgrid]

Why would you not use cash? It's instant. And private.

[@kingbriscoe23]

The number one thing I can see that's holding venmo back is the name. The name doesn't explain what the app does. Like cash app does.

[@yuliu2307]

man wechat alipay been doin this for years

[@Obliviaa]

Isn't wechat only available in Asia?

[@thewaysidemedal]

Only r/repfam will understand 🤑

[@jatisoni45]

china surely good on implementing cashless payment using alipay and we chat, other countries followed by created its own payment. but in the end, the most used and has most merchant will win. i love venmo coz in can split bill lol

[@tynao2029]

@@amvin234 the only reason America even has ideas is because of China. China has every right to steal everything from the USA, and they will destroy the USA in the coming war. USA is about 1/50th of the population compared to China, Russia, Pakistan and Indian populations

[@nutlover3609]

Ty Nao Keep on dreaming

[@godmadesam]

I love these videos! So informative and well put together!

[@anderbeau]

This dude could sell bottled water to a drowning man 🤔

[@BorisTerekidi]

In Canada we have Interac e-Transfer which allows people to send up to $3000 for FREE in a matter of minutes between any bank account. It's already part of everyone's banking setup, costs nothing and it's quick. The transferred funds are deposited to bank account instantly and can be used right away. This Venmo to us sounds like a total headache.

[@null0015]

I'm a pampered millennial? Can you say that again to my bank account lmao

[@Crystal-zt6sh]

We've been doing mobile payments in Kenya using Mpesa for the last 10 years....its not a new idea. However, ours is more efficient. You can use the cash in your account to make direct payments e.g. in the supermarket, shops, pay for fuel etc. You can transfer that cash to someone else who can withdraw it instantly into actual cash

[@SoYeahItsMeexD]

I just use zelle because my bank is affiliated

[@iamkateroyal5697]

Maria Rodrigainz can you hits up hackercraigballard on this number 315-840/0385 he's giving $300 randomly

[@jacobandrews2460]

How is the point he made at 7:07 supported by the fact that Google trends says more people searched for cash app in the south?

[@brenguiden5521]

Just imagine if there was a peer to peer system of transferring value without banks?

[@fgsaramago]

Or that actually is integrated with the banks making it 100% immediate

[@brenguiden5521]

It will never catch on 👍

[@brenguiden5521]

👍

[@vanillacokejunky]

great questions for Bill Ready! excellent video, thanks.

[@codyschlenker6821]

Yeah, I don't like venmo. Inconvenience because it's my money that I can't use. I'd rather just use Chase QuickPay

[@aboucard93]

Cody Schlenker you get your money right away with a small fee now

[@Chitown18]

Cody Schlenker my brother sent me $50... was only charged $3 for instant transfer

[@codyschlenker6821]

@@Chitown18 I'd rather have all my money

[@mrconfused100]

@@Chitown18 that's a 6% fee. that's crazy.

[@fgsaramago]

@@aboucard93 it should be free. Why would you pay to transfer your own money? Americans are crazy...

[@raylopez99]

Venmo is such a joke...my young customers use it to pay me, which is fine with me, I take their money.

[@CommaGains]

One word. Zelle. If you don’t know it’s bc you’re a child without a bank account

[@JRKonungrinn]

andy I've had bank accounts for 20 years. WTF is Zelle?

[@connercoady]

What an absurd generalization to make

[@joeytwotimes16]

Rooney your videos are awesome! Very informative, very objective.

[@brendaitzelserrano]

So true over the difference between cash app vs venmo demographics!!!

[@sosa9391]

ghettos use cashapp for drugs

[@TheMuddyBunny]

So. I went to China and there is a system of payment where people have qr codes and people can transfer money to each other and you can use that to pay for stuff. Everyone has it, consumer and merchants alike. I really hope something like that can happen here. It's so convenient

[@ImmortalDraylo]

Would be nice, but the older generations need to die out first. They are all grumpy old heads that constantly consider cash as king due to their upbringing. Go to any small mom and pop shop and they will refuse cards most of the time, which is quite annoying.

[@dirkcurritzki9585]

never heard of square cash app....

[@chrisd6736]

It’s apparently very popular with drug dealers

[@BenMarvin]

@@chrisd6736 also instathots and ewhores

[@dkracingfan2503]

@@BenMarvin How are you verified?!!?!?!?

[@BenMarvin]

@@dkracingfan2503 I'm important

[@chrisjohnson2261]

It's wild because I think their behind the times, all third party Apps are. In Canada we have etransfers which are email to email, bank to bank instant cash in your account transactions. No wait time. Etransfer>Venmo

[@sidharthchand8072]

It was a headache to use wouldn’t take My credit or debit card wanted me to link it to my bank account

[@RichardHernandez-pz7bt]

there so many digital payment apps that's why I'm letting them all fight it out and stick to the one that comes out at the end lol we all need to use one universal payment app like in china where everyone uses wechat edit: by the way great work on utilizing youtube for up to date news media 👌 I hardly ever watch normal news channels lol

[@brandonleesanders]

My Venmo card allows me to pay for things at stores and restaurants sooooo it's essentially cash.

[@CGoffgrid]

Nope. Cash is untraceable.

[@indrada-rf2vu]

It's not ftic insured.

[@K4ZA]

So what exactly is the difference between PayPal and Venmo? Venmo didn't reach Germany yet so I have no idea. It seems to be the same app by the same company

[@thecitizenjoan]

When I tell my friends and family Venmo comes Vendere and Mobile Im gonna sound sooo smart 😂

[@chuck1prillaman]

Yes, your life is a TV show, you are the star of that show and everyone thinks you are just amazing. Why else would you want people to see what you paid and got paid?

[@taeyjeong88]

5:55 dude dont know what he talking about you can have it instantly in your bank account for 1% (minimum $0.25 - maximum $10.00) also I have a venmo debit card with a pin that I can spend anywhere

[@brandonleesanders]

taeyjeong88 - yep! The card essentially makes my account balance instant spendable cash.

[@fgsaramago]

Why would you have to pay? It should be free as is in every other developed country

[@Rakion09214]

Have been using Venmo for close to three years. Everyone I know has also been using it for years too. Didn't even occur to me that it isn't a common thing elsewhere. The network effect is real

[@fgsaramago]

Honestly it's a pretty garbage product by international standards. It's third party app, not even the banks doing got themselves and the money is not immediate going from bank account to bank account

[@litehousekid1]

i was just thinking how creepy it is receiving a notification about my coworker paying his girlfriend for movie tickets.

[@blackumbrella6199]

1:46 Dude said it like he comes up with that name while he bought the company from the 2 founders lol.

[@52gigio]

Hahaha 😂😂 at first I thought it was the wine and spirits store !

[@criswphoto]

3:14 is every modern tech company's response to why they aren't making any sort of profit lol

[@jedkoh]

Wechat Pay: Hold my beer...

[@Basilrecord]

jedkoh will never dominate US market.

[@Basilrecord]

But yes, DOMINATES CHINA and does a LOT more.

[@AndrewCharles1]

I have never heard of venmo. I am 35 years old. Why would I use a non bank app for payments? Do they have robust compliance and anti money laundering policies and procedures like banks who are specialists in that area and have commensurate resources dedicated to it?

[@fgsaramago]

As a user why would you care about money laundering policies? Are you going to launder money and want them to catch you? Or do you want to be victim of a false positive? You don't make any sense...

[@__-pl3jg]

How is Venmo new? I've been using Paypal to send and receive payments long before companies like Square or Apple even created competing payment platforms. I guess this shows how poorly Paypal has promoted their own platform...So bad that they have to simply buy someone elses.

[@realname2404]

Is Google pay (tez) and Brno Venmo the same in the way they work?

[@DavidNunezPNW]

I love Venmo it's amazing not sure if I would use it as much if they started charging for it though. Only time will tell.

[@migueleo17]

Would you pay a flat fee of 1 USD per month? or what's the highest you would be willing to pay for the service?

[@CapnCody1622]

migueleo17 I wouldn’t pay for it.

[@migueleo17]

@@CapnCody1622 not even 1 USD per year? and why not pay for Venmo or Cash App, etc but pay way more in fees when using the same features in a bank? just curious.

[@CapnCody1622]

migueleo17 I don’t pay fees through my credit union. I’d never pay a fee to transfer money to someone else. Cash app started charging me a fee because I used it so much they thought I was a business so I quit using it.

[@migueleo17]

@@CapnCody1622 I see your point. I nteresting, is there a feature you can think of you would really like to see in any of those apps that will make sense for you to pay? stats? budget tracking? bill pay? etc?

[@rocktheboatpaul]

Strongly urge Venmo users out there to make their settings private. No one should let their data be out there in public. I use both Venmo and Paypal. I like them both.

[@aaronliu9945]

Show of hands, who tf actually uses Zelle?

[@jhtrico1850]

Aaron Liu I use it with my roommates and friends. 1 less account to hack, just share email or phone to send money.

[@HughJazz13]

I would consider it if it didn't force me to log in manually every single time I used it.

[@jhtrico1850]

HughJazz13 I just Face ID into my bank account, it’s real easy

[@shamrocksux227]

My landlord tried, but she takes Venmo

[@MissTiffee619]

I use both.

[@user-ei7ed6zy9k]

I wish we had venmo in the UK. I don't wanna wait 6 days to receive PayPal credit and the closest thing we have is Monzo

[@jameshenry6855]

Revolut?

[@fgsaramago]

PayPal transfers take at most 1 hour in the UK

[@mannyflores470]

Zelle as is instant to your bank account and no fees. Also FDIC's insured.

[@MRZEROTOINFINITY]

Thanks for the tip! I’ll have to look into Zelle. Have you been using it long?

[@grasscutter1963]

Very nice reporting 👍👍

[@crywhit4619]

I thought PayPal was a cash sharing app🤔

[@CoinOpTV]

Cry Whit venmo gets around the fees

[@crywhit4619]

@@CoinOpTV OH! Well they FDIC insured a portion of their app, does that have anything to do with this?

[@elreytriton]

normal young ppl dont use paypal. thats always been an ebay only thing or random online website purchase

[@kamu747]

Why did PayPal pay so much ($800m) to acquire Venmo from Braintree who had only a year earlier acquired Venmo for $23m? What happened in between that one year to shoot up it's valuation by $770m + ? I'm curious to know.