Don’t have a Chase QuickPay account, an online offering for Chase Bank members to transfer funds from each others’ accounts? Don’t want to pay the fees associated with Paypal Holdings Inc PYPL? Take a peek at Venmo.
Like QuickPay, Venmo allows individuals to pay each other via digital transaction. However, the platform does not require the users to have an account at the same bank. Launched in 2012, Venmo gained ground with the digital transaction trend, a growing movement within the business realm that relies on online interface.
With Venmo, for example, a Bank of America Corp BAC member can pay back his/her friend who has an account at their local credit union as long as they both set up a Venmo account.
Essentially, Venmo acts as “common ground” for parties banking with different establishments trying to exchange monetary funds. Venmo also offers an app, and it’s free and easy to sign up via venmo.com.
According to a Venmo blog post earlier this month, Venmo has recently launched integrations with Siri, "Now, you can send money for the night's [cocktail emoji] tab with Venmo using a simple Siri voice command. Just say, Hey Siri, Venmo Jonathan $40 for the best date ever [...] We hope you're as excited as we are about these ways to make sending and receiving [money bag emoji] even easier."
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