According to an article on CNBC, the efforts to overturn Obama-era rules for the financial industry could also cut back government oversight of fast-growing digital payments apps from companies like Venmo, Paypal, and Google.
Digital wallet apps have been rapidly adopted by young people, with Venmo now "almost ubiquitous" among people under 30, according to PayPal's CEO. While they were not the main focus of a 1,600-page set of new financial industry rules finalized in 2016, the apps are subject to many of its requirements.Those requirements, including clear disclosure of fees and protection against fraudulent charges, are extended to apps like Venmo and Paypal Wallet — something that PayPal, which owns both apps, opposed while the rule was being formulated.
"Regulating products that do not pose the risks of consumer harm that the Bureau seeks to target…would stifle innovation in the digital and mobile payments space," PayPal said in a 2015 letter, "impairing the ability of companies like PayPal to develop new, valuable products."
Do you guys use Venmo? What do you think of the whole concept of it? Do you back deregulation in regards to products such as Venmo?
back in Dec someone who owed me money asked if they could pay me back on venmo
me: "oh I don't have a venmo account... how about paypal?" him: "YOU DONT HAVE VENMO?!" me: confused as to why this was such a big deal
being it the only way i'd get paid, i now have a venmo account, and setting up the transfer to my bank was SUPER easy, way easier than setting that up with paypal
On the contrary, I owed my friend some money the other day, and he told me to "paypal him." I made fun of him the rest of the day.
Didn't know we were living in 2005! (kidding, but I definitely had to pull a "Forgot my Password" before sending him that money).
lol, granted i've lived outside the US since 2010 and am paid solely via paypal, but from what i've seen of venmo i like it / see the value in it
Man it is a huge deal! It literally saves you about 25 seconds longer to log into paypal. (I'm only half joking if you are as lazy as me venmo is a nice step up from paypal)
and a huge savings in time connecting to a bank account
I received a similar response from several friends until I caved and downloaded it. As you, I was extremely confused from the emotion in the response and even more so the number of people who responded that way.
15% surcharge on transfers, right? Maybe alright in a pinch, but fees like that prevent me from Venmo'ing anything over ~$20 USD or at any great frequency especially with all the cash management products banks, brokerage firms and wirehouses are offering these days
I think this is only for same day transfers.
Love Venmo, PayPal, google wallet, etc. fine if you have the float. The big banks are teaming up to give the same functionality, but with same day deposits. When that comes out I'll use it exclusively.
Are you worried about fraud or that your financial life is too public with these products? I personally don't worry that much and simply mitigate but actively checking my accounts, but I have a lot of friends that think I'm crazy for using venmo.
I have my venmo private and really Just use it to give family money or maybe split a check. Some people use it too much and post their whole life on it. Not smart IMO.
I had my chase CC frauded by going to 711 so I'm not too worried about venmo. But once the banks come out with something I'll obviously switch to them.
Everyone at my school uses Venmo for everything; it's killed cash. So far this school-year, I've ran >$2,000 through Venmo from roommates utilities, ordering food for friends & getting reimbursed, etc.
It's almost too convenient, and there are no fees if you link a bank account.
.
There will always be the "Umm I don't have Venmo because it's not as safe" people in the world, and my god do they make you step back and think how slow evolution truly is
To anyone who is worried about security on Venmo but has a PayPal account. Just make sure you know that Venmo is owned by PayPal.
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