And-this is a more dubious perk-since you’ve already sunk the cost that’s been repaid to your Venmo account, the cash reserve in your Venmo balance starts to feel like free money. Right now I have $55.16 in my Venmo account, so the next time I go out to eat or split a cab, I can offer to Venmo a friend my share of the tab. If you opt not to cash out, the money accumulates in your Venmo balance. banks, Venmo payments can be “cashed out” into your bank account overnight on business days. (But if you’re uncomfortable with your Venmo contacts seeing how much you spent on, say, Beyoncé tickets, you can choose to keep transactions private.) Expenses among your friends are then displayed in a Facebook-like stream, a feature the company added last year. Friends you’ve opted to “trust” can automatically withdraw money from your account (though I haven’t “trusted” anyone with that option yet). All data is sent over a 256-bit encrypted connection-the same encryption method used to protect classified government information-and transactions are protected by the Federal Deposit Insurance Corporation. The app links your Facebook friends and email contacts to your bank account. It’s free to download and use, so long as you link your account to your banking account or a debit card (using a credit card carries a 3 percent transaction fee). ![]() The app is called Venmo, and it allows you to exchange payments with people in your social circles via your smartphone. But within the past year, I’ve given this spiel to any smartphone owner I go out to eat with: “It’s like Facebook and PayPal combined-only a better version of both of those things,” I say. ![]() ![]() I usually find it distasteful to evangelize a smartphone app.
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