which is forecast to outpace Venmo on users sometime this year, with 27.4 million users to Venmo’s 22.9 million. (PayPal has since redesigned its mobile app experience to catch up.)Īnother factor in Venmo’s decision could be that, more recently, it began facing competition from newcomer Zelle, the bank-backed mobile payments here in the U.S. Plus, as a mobile-first application, Venmo was offering a more modern solution for mobile payments, at a time when PayPal’s app was looking a bit long in the tooth. That’s appealing to millennials in particular, many of whom have ditched credit cards entirely, and are careful about their spending. Venmo, meanwhile, charges a fee of 3 percent for credit card payments, but makes debit card payments free.
#Venmo desktop version plus
PayPal doesn’t charge for money transfers from a bank account or PayPal balance, but does charge 2.9 percent plus a $0.30 fixed fee on payments from a credit or debit card in the U.S. This made it an appealing way for PayPal to gain market share with a different demographic. Venmo had grown in popularity for its simple, social network-inspired design and its less burdensome fee structure among a younger crowd. As a PayPal-owned property after its acquisition by Braintree which later brought it to PayPal, there’s always been a lot of overlap between Venmo and its parent company, in terms of peer-to-peer payments. It’s not entirely surprising to see Venmo drop web support.
Some users may already be impacted by the changes, and will now see a message alerting them to the fact that charging friends and making payments can only be done in the Venmo app from the App Store or Google Play. You can also charge friends and submit payments from the website, send payment reminders, like and comment on transactions, add friends, edit your profile, and more. The Venmo website today allows users to sign in and view their various transaction feeds, including public transactions, those from friends, and personal transactions.
Though best known as a mobile payments app, the service has also been available online, similar to PayPal, for many years. The decision represents a notable shift in product direction for Venmo.
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