While both Venmo and Paypal are payment platforms that are free to use on the web, tablets, and mobile devices including iOS and Android, there are key differences. Venmo is owned by PayPal as of 2012 and is part of the family of PayPal brands. What’s the Difference between Venmo and PayPal? iStock Instead of just making a payment, you can also leave a unique message with emojis or humorous content. When sending a payment you can include a written message with emojis, which also gives Venmo a social media-like experience. You also have the option to make transactions only visible to friends you’ve added. Private payments can only be seen by the recipient and sender. Public payments appear in a feed, where anyone can see the transactions on your profile. When you make a payment to someone, it can be marked as public or private. There are social aspects to Venmo, but it isn’t a standalone social media platform. Most of the basic services are free to use, but certain transactions can incur fees. Whether you are running a small business or need to send your share of rent to your roommate, Venmo makes it incredibly easy to pay someone. You can share the cost of a meal with friends or colleagues, send a tip for a professional service, or pay someone directly for costs such as babysitting. Venmo is a digital wallet that connects to a user’s bank account or credit card to easily send or receive payments to individuals or businesses. We break down how Venmo makes money and where its fees come from. While Venmo is free to use when sending money to other individuals and businesses, it does generate revenue from other aspects of its service. Venmo’s popularity grew because it filled a much-needed niche in the online payments world by making it easier than using cash for friends or colleagues to split a bill or send money to each other. As of January 2020, Venmo had more than 64 million users, the majority of which were considered younger and more affluent. It has quickly grown in popularity and the phrase “Venmo me” has become a part of our everyday language. Venmo is a peer-to-peer (P2P) and customer-to-business (C2B) payment platform.
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