Cary, NC – In our new COVID world, digital payment apps like Venmo have become much more popular. Here’s what you need to know to use Venmo.
What is Venmo?
Venmo describes itself as a digital wallet, allowing you to make purchases, send money to friends or relatives, or make recurring payments.
You can connect your Venmo account to a bank or debit card.
Why is Venmo Suddenly Popular?
Venmo enjoys great popularity with Gen X and Millennials. The new increase in users is a rising tide of Boomers.
What we are all discovering is that cash and checks are less welcome in many situations now. Many restaurants and stores prefer cashless payments. Some simply can’t (or won’t) accept cash.
Digital payments like Venmo have also found a new audience in performing artists. If you’ve watched any virtual concerts, for example, many musicians now have a virtual tip jar with their Venmo account handle so you can shoot them some money.
Is Venmo Safe?
Venmo is a subsidiary of Paypal and was founded in 2009. Like any other app that stores financial information, Venmo relies on common sense user precautions. One handy feature asks you to verify the last four digits of someone you are sending money for the first time (to make sure you are sending to the right person).
For more information, visit Venmo Security.
Venmo for Boomers
Venmo works from your smartphone, so start by downloading the app for iPhone, Android or your mobile phone.
Once you’ve downloaded the app, registration and verification is quick and easy. You can connect your bank or a credit card.
I sent a payment to my daughter within 10 minutes of downloading the app.
Venmo and Privacy Settings
One thing to note is that Venmo by default shows all your transactions on your feed, kind of like Facebook. If you don’t want everyone to know you bought 6 rolls of CBD infused toilet papers (a fictitious example, but you get the idea), here’s how you change your Privacy settings:
- Login to Venmo
- Click the burger menu in the upper left
- Click on Settings (near the bottom)
- Click on Privacy
- Adjust your Default Privacy Settings to Private
You can also adjust the Privacy Settings for past transactions.
Worth mentioning, I do not work for Venmo and have not received compensation for my opinion.
But here in Cary, and across the planet, cashless payments like Venmo are rapidly becoming a new fact of life.
Story and pictures by Hal Goodtree.