what is venmo app

Venmo is a smartphone app owned by PayPal that allows users to transfer payments from one user to another through connected bank accounts. Users have an account balance on the app, which is used to both send and receive payments. They can connect their bank accounts, debit cards, and credit cards to add or deposit funds. The app doesn't require a fee for transfers between users' bank accounts or debit cards, but it does charge a 3% fee for every credit card transaction. Venmo also provides a social way to pay friends and share transactions via a news feed on the app. It is designed to be used on a mobile device and can be used for personal and business purposes, such as splitting checks or paying for goods and services