Venmo: A New Way to do Online Transactions

Designed by a University of Pennsylvania student, Venmo is an app which offers a new way to exchange funds electronically. The novelty of Venmo is that it transfers money directly from bank account to bank account, making it different from a typical transaction in that there is no delay in both the money leaving the customer’s bank account and the money entering the vender’s account. In this way it has somewhat streamlined simple transactions. It is used by many UPenn organizations to collect fees for various events and portrays a new amount of faith placed in electronic security.


By shackler2013

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