Make sure your children know that their “public” payments can be seen by anyone, even people without a Venmo account. In the event of a lost or stolen phone they should revoke their phone’s access to Venmo right away, or their wallet may be at risk. If they make a mistake they may not be able to get their money back. If users are exchanging a high volume of money through the app, they may be asked to verify their identity with a Social Security number.įunds are available to the recipient instantly, so teens (and all users) should be sure they’re sending money to the right person before completing the transaction. Venmo’s terms of service require users to be 18 years or older to sign up. Users can make a Venmo account using their Facebook or email account, and a valid phone number. Some users have gotten highly creative with their own promotion, posting their handle in public places hoping to collect the serendipitous dollar. Oftentimes transaction memos become a playful space for inside jokes and fun emojis. Users can see their friends’ payments and “heart” or comment on them in the feed. It removes the need for friends to pay each other back with exact change, or keep detailed notes of who owes who what amount when planning an outing. How do teens use it?Īs carrying cash becomes increasingly less common, Venmo allows teens and young adults to easily split expenses for things like sharing meals, paying utilities, or buying tickets. The transfer is free when using a bank account or debit card, but does take a few days to clear. Money received in Venmo accrues to a “balance” on the users account which can either be used within the app or transferred to their bank account. Once two users are friends they can see each others public and “friends only” transactions in their feed. Venmo allows users to search or “friend” other people on the app, although they do not have to be friends with another user to send them money. By default these memos are made “public” (visible to anyone on or off Venmo), but for each transaction users can also make the payment “private” (only visible to the person sending the money and the person receiving it) or “friends only” (visible to only their Venmo friends). Once the information is verified they can send and receive money from anyone on the app with a few taps.įor each payment or request the user has the option to write a short memo about the transaction. Users add their bank account information to their Venmo account during sign-up. The service is owned and operated by PayPal. Venmo is an app that allows users to send money electronically to other people.
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