Venmo is a popular mobile payment service rolled out by Paypal which made peer-to-peer (P2P) transfer of money easy and effortlessly. Andrew Kortina and Iqram Magdon-Ismail founded Venmo in 2009 to simplify bill splitting and payments.
Venmo was initially called “TextPayMe” and it allowed users to send money to each other using text messages.
The company was acquired by Braintree in 2010 which changed its name from TextPayMe to Venmo. Braintree was later acquired by the payment service, Paypal. Venmo was made a subsidiary of Paypal.
While banks are “fighting” off the wave of cryptocurrency, we have seen how mobile payment apps are trying to include crypto payments and transfers into their service. Because crypto is here to stay for the long run.
With the launch of its new feature in April 2021, Venmo announced that its users would be able to buy, sell, and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. But crypto transfers were not available at that time.
April 2023, Venmo has taken the initiative to make moving your crypto around conveniently through their app without any hassle. Based on the results of a study from the company, it has noticed an increased usage of crypto in the app, hence, it announced the unveiling of crypto transfers by May 2023. This announcement was made on Paypal’s Newsroom here.
WHAT DOES THAT MEAN FOR ITS USERS
Crypto transfer coming to Venmo means that its users will have more freedom with their crypto. It would provide another avenue for people to send and receive digital currencies quickly and easily. This could be particularly beneficial for people who are interested in using cryptocurrency for payments but are not familiar with the more complex processes associated with traditional crypto exchanges like Binance, Trust Wallet, Metamask, etc.
Allowing cryptocurrency transfers on Venmo could also help increase mainstream adoption of digital currencies by making them more accessible to a wider audience. The majority of Venmo’s users are young people who are more comfortable with technology and are more likely to use new digital payment methods.
We may see new applications and an increase in the number of Venmo users once this feature is unrolled on the mobile payment service.
HOW TO TRANSFER CRYPTO ON VENMO
Even though the feature has not been rolled out by the time of writing this article, there’s a short guide provided by Paypal on how you can transfer crypto on Venmo.
Cryptocurrency can be transferred on Venmo in a few simple steps. Venmo customers can navigate to the Crypto tab in the Venmo app, view their coins, then tap the Transfer arrows and choose to Send crypto – either to a Venmo account or by entering a recipient’s wallet address to send to PayPal or another external wallet. The Receive button allows customers to display their unique crypto address QR code, which can be shared with others.
You can read a more detailed guide here on Paypal. After the new feature goes live, Paypal may add more details on how the transfer works for ease of understanding.
Paypal has always been innovative in its approach toward new trends in managing money and payment systems. Jumping on the crypto bandwagon by not just making buying and selling crypto easy but including transfers will put it ahead of its competitors who are left behind still dealing with cash transfers.
The crypto transfer will surely make it easy for its customers to handle their crypto and the company may likely see a surge in the number of their customers.