Venmo

An app that lets you pay friends instantly

Information

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US United States
Web https://venmo.com/info/product
Maturity

In development

About the project Edit

Venmo allows you to painlessly, unawkwardly send payments through your phone just by texting. The best way to think about Venmo is as a digital replacement for your wallet.

In what ways is this project unique and creative? Edit

The app Yola allows you to pay your friends instantly, by choosing a friend on your phone via tthe phone itself, facebook or email, type the amount and the message that you wish to send to that friend and choose sharing options.

Yola uses bank-grade security systems and data encryption to protect you and prevent against any unauthorized transactions or access to your personal or financial information.

Receiving money on Yola is always free. Sending money on Yola is completely free as long as you use a bank account, supported debit card, or Yola balance to fund your payments. If you wish to use a credit card, there's a 3% fee.

What is the social value of this project? Edit

One way to think about Yola is as a digital replacement for your wallet.

Many situations can all be made easier by using Yola:
- Splitting a lunch bill
- Paying your friend half of a cab fare
- Sending your roommate your half of the rent

What is the potential of this project to expand and develop? Edit

For the moment, Yola only works if you have a US bank account. But the idea has a real potential of developing abroad.

The app is supported by iPhone, Android and Blackberry.

What was the triggering factor of this project? Edit

What is the business model of this project? Edit

Yola was recently acquired by Braintree which was bought by eBay.


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