31–40 of 63 posts
Can someone explain to me the value added of such a service vs simply making a bank transfer from your bank's website?
Do people really pay 5K to go see a single Basketball game.
I guess there is a lot of manual work involved in handling all those transactions and fraud attempts.
I didnt have the patience to read to the end but it seemed poorly written. How does the scam work exactly? Is it a technical loophole or something to do with the quoted policy?
Can someone explain to me the value added of such a service vs simply making a bank transfer from your bank's website?
Making a bank transfer isn't 'simple', at least relative to Venmo. This is a way of paying someone just like Paypal. Except, the UI is better and you can hook up to Facebook. Because 'everyone' has it (at least w/ my group of friends) it is very easy to pay each other for group events. I still intend on using it despite the scam situations that people find themselves in.
I see the value of paypal, which is to create a screen between me and a dodgy website which I am buying from. That website can't get my credit card number and therefore take further payments. But when I am making a payment to someone why should I need an app to protect me against fraud? So I don't get the security aspect either.
They do however need to work on customer support and transparency, but that's if what's being reported is even completely accurate. My entire network of family, friends, and colleagues all use Venmo and none of us have had any issues.
Earlier quoted context omitted.
Making a bank transfer isn't 'simple', at least relative to Venmo. This is a way of paying someone just like Paypal. Except, the UI is better and you can hook up to Facebook. Because 'everyone' has it (at least w/ my group of friends) it is very easy to pay each other for group events. I still intend on using it despite the scam situations that people find themselves in.
Well I need to set up a new account on that thing and give it my bank details. Then my counterparties have to provide me with their ID on that app which is pretty much the same as providing a bank account number. So I don't get the convenience aspect. I see the value of paypal, which is to create a screen between me and a dodgy website which I am buying from. That website can't get my credit card number and therefore…
Earlier quoted context omitted.
Making a bank transfer isn't 'simple', at least relative to Venmo. This is a way of paying someone just like Paypal. Except, the UI is better and you can hook up to Facebook. Because 'everyone' has it (at least w/ my group of friends) it is very easy to pay each other for group events. I still intend on using it despite the scam situations that people find themselves in.
Well I need to set up a new account on that thing and give it my bank details. Then my counterparties have to provide me with their ID on that app which is pretty much the same as providing a bank account number. So I don't get the convenience aspect. I see the value of paypal, which is to create a screen between me and a dodgy website which I am buying from. That website can't get my credit card number and therefore…
I have Bank of America. For the same transaction to happen I would need my friend to sign into his bank account on a mobile phone, initiate a wire transfer from his checking account to my checking account, which requires me to provide him my checking account number and zipcode and full name.
And that's just a 1 on 1 transaction.
The most common use case is if I'm eating in a group of say... 6 people. Instead of splitting the bill 6 ways which many restaurants won't allow one person will front the bill. The rest of the group just "Venmo's" the person who fronted the bill whatever they owe. No exchange of account numbers, no asking for Paypal email address, none of that. The assumption is that everyone has Venmo and everyone's connected on Facebook. As long as those 2 facts are true (which is common for American millennials) the convenience is bar none.
I didnt have the patience to read to the end but it seemed poorly written. How does the scam work exactly? Is it a technical loophole or something to do with the quoted policy?
Neither, really. You're technically not allowed to do business on Venmo. The intended use case is to send money to people you trust. If someone sends money they can always get that money back by claiming the recipient violated terms or something.