You only need to know the contact’s phone number (you can use the phonebook of the mobile device itself). To better understand how the two options are similar and how they differ, we will separate the functionalities into different sections and compare them: Send money onlineĪs we have already said, in the case of Venmo, it is only possible to operate through mobile devices. Differences and similarities between PayPal and Venmo It is important to note that while both options connect to the Internet for trading, Venmo only operates exclusively through mobile devices. Maximum of one transaction $10,000-maximum limit on multiple transactions up to $60,000Ĭheck ➤ What is Venmo, and How does it Work? It is simply necessary to include the recipient’s phone number and that they also have the application installed. It was founded in 2009 and was presented as a tool to facilitate the sending of amounts of money to third parties even when we do not know their bank accounts. It is one of the pioneer platforms in this model of sending and receiving money. In the case of Venmo, the platform offers a model of sending and receiving money using only the cell phone and text messages. It appeared as an alternative payment model to cards (with which it could combine). It was originally conceived as a payment gateway for online purchases. The creation of this platform dates back to the late 90s of the twentieth century. PayPal is the most popular digital payment model within the platforms that allow sending and receiving money. Differences and similarities between PayPal and Venmo.
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