Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
How were they making money previously?
They weren't, they were losing a lot.
Venmo can now instantly transfer money to your debit card for 25 cents
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Re: Venmo can now instantly transfer money to your debit card for 25 cents
#12This is similar to what Google Wallet does right?
Used to do... Since they closed up Google Wallet. But yeah, it was easier to transfer money through Google Wallet.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#13Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
It works out of the box with chase and you don't need the app, and you don't need to fill out any forms to make it work. This makes checks obsolete for me. The only advantage they had was 0 fees, but now zelle is my best option for price and speed.
Same with Bank of America. I can send my fiancée (and vice versa) money through Zelle (she has Chase) fairly quickly.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#14Earlier quoted context omitted.
Venmo has pretty strong network effects, to the point that its users use “Venmo” as a verb. That will be tough to overcome.
Venmo doesn't have the capabilities of a checking account, which most adults need and Venmo is unlikely to offer (direct deposit, bill pay, etc).
I didn't read the previous comment as a suggestion that they were looking to Venmo as an alternative to a checking account, but rather as a purse where money goes temporarily until it ends up at the final destination: said checking account (or another user or service that takes payments from venmo). That's how I and many services I use-like the furniture movers I paid a few weeks back-the App
Or have I misunderstood something, perhaps?
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#15Zelle [1] moves money in minutes, with no charge [2], as long as your bank is a participating institution [3] and you've previously enrolled. Hard to see Paypal competing against a syndicate owned by major financial institutions (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo). At the same time, all of these efforts die as soon as ACH modernization arrives [4], as shown by SWIF…
Venmo has pretty strong network effects, to the point that its users use “Venmo” as a verb. That will be tough to overcome.
Zelle is usable out of the box with Chase and Bank of America in the respective banks apps (and I'm guessing other participating banks) it's kind of a paypal for banks that just works.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#16Facebook Cash does this for free and instantly.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#17Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
Interesting...I must be grandfathered in because all my transfers are still instant/free.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#18Re: Venmo can now instantly transfer money to your debit card for 25 cents
#19Listening the HT Guys podcast earlier today highlighted that apparently your transactions are not private by default—one of the hosts could inspect his contacts’ dealings with impunity. In Denmark, we have MobilePay and it is everywhere—I very rarely need to use cash to pay someone, and it certainly has made sharing a restaurant bill a breeze.
When I used Venmo for the first time, I had this concern as well, but the cost of the transaction is private to everyone outside of the parties involved (and this isn't an options choice). I switched all my transactions to private, personally, but the public by default nature of Venmo seems very intentional. They're trying to create a social network like atmosphere around payments it seems.
Re: Venmo can now instantly transfer money to your debit card for 25 cents
#20Listening the HT Guys podcast earlier today highlighted that apparently your transactions are not private by default—one of the hosts could inspect his contacts’ dealings with impunity. In Denmark, we have MobilePay and it is everywhere—I very rarely need to use cash to pay someone, and it certainly has made sharing a restaurant bill a breeze.
This feature is almost certainly the key reason Venmo became successful.