Venmo launches publicly with social P2P mobile payment app

Peer-to-peer mobile social payments

The new peer-to-peer mobile payment service allows users to transfer funds via a mobile app for iOS and Android devices, and comment on the payment via social media, reports GigaOm. Through a linked credit card or bank account, free transfers can be made to another person in the same way as sending a text. If using a credit card, the first $500 can be made for free and a 3% surcharge is incurred thereafter. The service allows notes and comments to be included with the payment and the posting of Venmo payment activity on social media sites such as Facebook, Twitter and Foursquare is encouraged. The company claims to process around $10 million a month and aims to handle $250 million by the end of the year by expanding to small businesses.

Venmo explains in a blog post that the service “is a way of expressing, capturing and sharing all of the fun things friends do together… Users love sharing payment notes with friends, leaving comments, and browsing through their payment histories to relive time spent with friends.”

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