How Venmo Makes Money

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Venmo has revolutionized the way pay each other back. From sending roommates the rent check to reimbursing friends for dinner, people ‘Venmo’ each other all the time. But have you ever wondered how this fun, emoji laden payments app actually makes money? Well, for years, it hasn’t. But now Venmo is on the cusp of profitability for its parent company, Paypal.
Concerns remain about privacy for users and security for their money. And many on Wall Street are still waiting to see whether this millennial digital payments phenomenon is just flash in the pan or if it’s really here to stay. Bill Ready, Paypal's COO and the man who brought the once no name app to mainstream fame invited CNBC to Venmo's New York offices to get a look inside how the payment app works.
NOTE: On April 24, 2019 (a day after this video was published), PayPal revealed for the first time that Venmo has 40 million users. In the video above, CNBC cited eMarketer, which had estimated 27.4 million Venmo users as of April 2018..
In its first-quarter 2019 earnings report, PayPal said it now has a total 277 million total customer accounts - including 22 million merchant accounts. Total payments volume for Venmo grew 73 percent year over year to $21 billion in the first quarter, the company said. The company said Venmo is still on pace to do $100 billion in payment volume this year.
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How Venmo Makes Money

Опубликовано:

22 апр 2019

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Комментарии : 1,4 тыс.

@CNBC 5 лет назад

Which digital payment app do you use?

@roachtoasties 5 лет назад

For privacy, I don't post any information that touches personal finances online.

@spicyzombie4 5 лет назад

I don’t use a digital payment

@woelfli93 5 лет назад

TWINT (the same Idea, works only in Switzerland)

@UnKnown-zz6we 5 лет назад

I don’t have any money

@mwhunter2346 5 лет назад

DANA and OVO

@kevind97 5 лет назад

A very VERY VERY well put together video. Describing the business, history, competition, scandals. This is like a very well written essay. Props to CNBC. I look forward to more videos. Some ideas would be shining light on some start-ups or rising ones if there isn't a large of enough background.

@cesarsojo243 5 лет назад

I enjoy how it's not just a one sided argument but a critical look on how a company like Venmo operates and if it will be profitable in the future.

@RonJohn63 5 лет назад

_A very VERY VERY well put together video._ The music is loud, grating and distracting.

@sgrube2 5 лет назад

They are always really engaging

@paleobc65 5 лет назад

Especially for business students!

@charlech 5 лет назад

And she's hot

@GangstaInLaw 5 лет назад

wow his name is BILL READY.. how ironic !!

@armadiar8604 4 года назад

GangstaInLaw lol

@mykalimba 4 года назад

It's actually *apropos* that that's his name. It'd be *ironic* if his name was something like BILL IAMBROKE.

@vasilchervenkov4633 4 года назад

How thematic!

@pondigaza7809 4 года назад

Haha wonder where the idea of venmo came from lol

@godmadesam 4 года назад

GangstaInLaw he was born to do this! Lol.

@brennany 5 лет назад

Let me summarize this 11:29 video. How Venmo Makes Money? It doesn't.

@mmahon04 5 лет назад

Thank you. I watched the whole thing as well, basically to hear that they function as a rent-seeking middleman...that's still not profitable.

@hieunguyenhuu5810 5 лет назад

Your summary is pretty bad. Is Venmo making money right now? It isn't. Is Venmo going to make money in the future? It may. Many tech companies is doing business or going IPO with a lost. This is typical. They are not going to make money now because of the high initial investment cost and they accepted losses to expand their market reach. Once they are big enough (like Facebook or Google) and hold large enough market shares, they can start making profits by economies of scale, start charging small fee on transactions or charging banks a small percentage to get access to that money for investment. For example, if your operating cost is 300 millions and you are generating $10 each per person with consumer base of 20 millions, you will be making a loss. If your base continue to growth and your cost remain the same, you are making huge profits the next year. Lyft is making loss the same way. Same for Facebook when 1st first started and called itself free social network. Same for Uber. Every cent that you leave in your venmo account is a cent that a bank can lend out without paying you a damn shilling of interest rate. You are giving them money to do business for free.

@jamescrud 5 лет назад

Whether it makes money or not is irrelevant. The whole point of these startups (back then and now) is to get bought out by someone bigger. Venmo did make money...for the people that founded it. That's all that matters to them.

@randgate 5 лет назад

Gain volume, screw the consumer and merchants later.

@codycast 5 лет назад

It makes money in lots of ways (as described in the video). They’re just not profitable

@tired2sleep 5 лет назад

Didn't think much of CNBC back then, as with other cable new networks. But seems they are smart enough to know what media outlet gets people's attention these days. I love these quality videos

@diegomendoza1079 5 лет назад

Video: “not insured” Me stops video and transfers funds

@JRKonungrinn 5 лет назад

You keep saying "millennials" like we're not all almost 40 years old, struggling to survive, and think this is stupid. The generation you're trying to describe is apparently Gen Z.

@maplenerd22 5 лет назад

The millenials generation are people born from mid-80s to mid-90s. Those are the people with disposal income that are using this app. Gen Z are either in college are just getting out. That's not the major demographic that's using venmo.

@JRKonungrinn 5 лет назад

@@maplenerd22 I know which generation is which. It IS the privileged college kids who like Venmo. Us millennials DO NOT have much disposable income, this economy is a mess.

@ChrisGilliamOffGrid 5 лет назад

@@JRKonungrinn Learn a skill that pays.

@JRKonungrinn 5 лет назад

@@ChrisGilliamOffGrid I work in the medical industry. The economy still sucks.

@ChrisGilliamOffGrid 5 лет назад

@@JRKonungrinn Booming here. Has been for years.

@aidanmulligan8916 5 лет назад

These people talk about Venmo as a social network like I'm actually scrolling through the feed liking people's transactions or even reading them in the first place.

@giovannitrejo3518 5 лет назад

I agree with Dan, it’s scary how so many people make it obvious who they pay and how much they pay. When I used it, I would make my transactions private so nobody else could this on the ui

@alexanderslobas 5 лет назад

Its crazy that how PayPal will probably buy every upcoming money transfer company that seems promising.

@Justin-gw2zp 5 лет назад

Is that Monopoly I hear

@uno9331 5 лет назад

Don't Touch Me PayPal is not failing I use PayPal faithfully just because it’s less popular method doesn’t mean they’re not the best

@552mustang 5 лет назад

Alexander Anderson Thats why the banks created Zelle. Paypal cant buy that.

@fgsaramago 5 лет назад

@@uno9331 the only thing PayPal is best at is screwing over sellers with ever increasing outrageous fees, thus increasing the price of must stuff you buy on the internet. PayPal had long been a cancer and even eBay reached that same conclusion

@ChrisInvests 5 лет назад

Buy paypal stock?

@LetoDK 5 лет назад

So "millennial" pretty much = " young people" now... Just say "young people"!

@hamadaj8081 5 лет назад

well i think they're referring to a specific group of young people who are more "tech savvy" and "liberal"....i dont think they mean the young people in africa or southeast asia for example.

@silasdietrich7464 5 лет назад

I agree with hamads first statement, you have mellennials that as of now are 24-37 years old and younger than 24 are gen z

@andriod8014 4 года назад

LetoDK no my generation are young, you guys are too old.

@ro-deo119 3 года назад

@@peterlangalanga4234 forgot your meds?

@this_time_imperfect 5 лет назад

Oh boy it's owned by PayPal... Get ready for payment holds, fraud, and abysmal customer service.

@ihsankamil6279 4 года назад

Lol yeah

@wild_taco_gonecrazycorona9112 4 года назад

and data sold and money laundering at your cost lol people so fool

@shawncrayon3525 3 года назад

@@wild_taco_gonecrazycorona9112 +15133860766

@shawncrayon3525 3 года назад

@@wild_taco_gonecrazycorona9112 +15133860766

@shawncrayon3525 3 года назад

@@wild_taco_gonecrazycorona9112 I got $3k

@SuperNerd528 5 лет назад

I like my e-transfers linked to and deposited in my bank and vice versa.

@keanuhypolite329 5 лет назад

Pretty much the “underbanked” is a nice way of saying the hood 😂❤️🤞🏽

@godfathaofyo 4 года назад

I agree, any infro on why Cash App is more popular with the "underbanked" than Venmo? Are there different requirements to join?

@habibbialikafe339 3 года назад

@@godfathaofyo cuz cash app is cooler

@habibbialikafe339 3 года назад

blck ppl*

@SR-mi6jf 3 года назад

It would probably also include rural communities

@crieseasily 5 лет назад

I definitely do NOT like people knowing who I am paying. So I have my account on private, duh.

@zesowl 4 года назад

I love it when companies say we are not in the business of selling personal data and then three month later you get an email that says our terms and agreements are change in order to enhance your experience aka we have now selling your personal data

@bagondreamer 5 лет назад

Thanks so much CNBC, i really needed to be reminded every few seconds that the man's name is Bill Ready

@taylorjackson3691 5 лет назад

Lost me at Wells Fargo.

@tomast1323 5 лет назад

Bill Ready dude is the most consumer-friendly COO I've ever seen

@ThePlaceForThings 4 года назад

another great video. been using Venmo since it’s inception and had no idea it was not a bank. was also unaware that the money you hold in your Venmo account isn’t insured 🤯 helpful information. glad I watched this. I wonder how the growing crypto market is going to effect Venmo’s user base in the next decade.

@DA-bm2mj 5 лет назад

06:55 "Explore what the *WORLD* is searching" 07:00 shows only the U.S. lol 🤣🤣🤣

@karanjoshi2662 5 лет назад

But that's where these 2 app operate. I think the upi system used in India can help US direct transfer of money from bank account to bank account, super smooth. And yeah any app can apply this system and not just the banks.

@norpriest521 5 лет назад

@@karanjoshi2662 Blockchain will destroy these outdated technologies

@karanjoshi2662 5 лет назад

@@norpriest521 block chain is still too young but upi offers a bridge kind of thing which reduces hassle for both banks and payment apps. Let's see how block chains make it to the masses.

@ChrisBoulas 5 лет назад

LOL at how they speak about these "millenials"

@jonmktchell 5 лет назад

Yeah, millennials are under your bed and are coming for you!! Also, to the guy at 1:00 (who looks suspiciously millennial aged btw) we don't all like the social media component of venmo. I'm a milennial and it also freaks me out. Of course they don't mention that you can make payments privately.

@CalebBrandalise 5 лет назад

weirdos

@phug0id 5 лет назад

Jon Mitchell Agreed. I always make the transaction private... but most people don't care/don't know about making them private unfortunately.

@Railien24 4 года назад

"Pampered" Hated that

@todoldtrafford 4 года назад

Ok boomer

@vanillacokejunky 5 лет назад

great questions for Bill Ready! excellent video, thanks.

@godmadesam 4 года назад

I love these videos! So informative and well put together!

@JayAyers 5 лет назад

1:00 I don't. But Venmo has that "social" aspect public by default. Mostly to show people that your friends are using it. But seriously, I always change it to private every time.

@InvestingWisely 5 лет назад

Banks and other institutions are coming for Venmo hopefully they are making a lot of 💰

@552mustang 5 лет назад

InvestingWisely They already have. Zelle. And Zelle is pretty good I must admit. Much faster than Venmo to get into your bank acct.

@CliqueOverAnything 5 лет назад

@@552mustang and ppl don't know about what you spend money on.

@joeytwotimes16 4 года назад

Rooney your videos are awesome! Very informative, very objective.

@Auldridgencube 4 года назад

My biggest takeaway is that you can go to Google trends and check what people are searching

@Mas3452001 4 года назад

"A ahh small amount" in corporate-speak equals "one of our revenue-generating pillars"

@Jaegi_ 5 лет назад

I personally prefer my finances to not be social. I’m more of a cash app girl but I still have it on my phone ready for those two friends

@YoungDen 5 лет назад

You can hide it in the settings

@Sean_Connery 5 лет назад

Lord of the Jungle 😂 exactly

@comradejackso3886 5 лет назад

In Kenya we had peer to peer payments almost 15 years ago, MPESA. America has alot to catch up

@faizanhaque2070 4 года назад

This reporter did a great job on transparency

@fartexpertable 5 лет назад

@0:13 Cringe is at 100%

@mbs811 4 года назад

hahaha, I choked on my coffee when I watched that part. Too good.

@TruFinancials 5 лет назад

I prefer Cash App myself but have pretty much all the money transfer apps. Makes it easier when someone needs to pay me and they only have one of these and I have an account with all available money transfer apps.

@bitcoinrealitytv8571 4 года назад

In other countries such as in Vietnam, Malaysia, we have Grab, Boost, all with zero fees, and all can be used for ride hailing, buying goods, restaurants, bus tickets, air tickets, hotels.

@Faridun2801 5 лет назад

It takes a lot of scrolling to find a comment appreciating the beauty of the presenter /reporter. A great job is noticed straightway, however, the beauty is being ignored.

@RE2PECT 5 лет назад

I am actually a hard working millennials.. thank you very much

@anderbeau 4 года назад

This dude could sell bottled water to a drowning man 🤔

@realname2404 5 лет назад

Is Google pay (tez) and Brno Venmo the same in the way they work?

@jovan.ramjewan 4 года назад

A corgi! Literally makes everything better 🥰 But thank you for the informative video.

@Shaurya_Pant 4 года назад

In India we have UPI and we can actually transfer money to someone and they can spend it real-time. And it's here for over years now. Are you saying that this type of real time money transfer system doesn't exist in US? :|

@CommaGains 5 лет назад

One word. Zelle. If you don’t know it’s bc you’re a child without a bank account

@JRKonungrinn 5 лет назад

andy I've had bank accounts for 20 years. WTF is Zelle?

@connercoady 5 лет назад

What an absurd generalization to make

@Minecratify 5 лет назад

In Sweden we have swish that is totally free and you use your mobile number to send money to other people. The Money does also transfer direct

@gtang31 5 лет назад

i wish you would ask the guy from Nomura more about how different socioeconomic classes play a role in square cash vs venmo

@smks8er 5 лет назад

Id rather use Apple Pay I trust Apples commitment to security more than PayPal. Plus that whole broadcasting your payments in a social feed thing is just weird. I'd never do that and Im a millennial.

@redriver15262 5 лет назад

i agree, their "Millenials" statements are ignorant generalizations

@xanpagebrown 5 лет назад

Why not just use PayPal?

@trancendal_ 5 лет назад

xan page-brown Venmo is marketed toward millennials. PayPal is more oriented toward casual users, or business owners

@yuukifurugaki 5 лет назад

They charge fee

@god5535 3 года назад

Because it has TWO capitalized letters.

@abassimusic 4 года назад

Great Video @CNBC! I however think you should let the world know what a revolution M-pesa is. Venmo could learn a thing or two from it. It's been in existence for about 2 decades in Kenya, and is far more advanced than Venmo. M-pesa generates billions for Safaricom, a Vodafone-owned business in Kenya. Venmo could eventually become a bank, offering loans, etc... Just the way M-pesa is today...

@sabrinafernandez2649 5 лет назад

Venmo can be in the business of market data by analyzing what people buy or what is preferred to split payments for. Other companies may be willing to buy that information.

@-4subscriberswithahammerad521 5 лет назад

I’ve never heard of Venmo in my life And now I have

@juanp2936 5 лет назад

Same

@traplover6357 5 лет назад

Its a younger generation peer to peer money exchange app. Good if you dont carry cash and ask friends fro cash when i venmo what i owe

@akin242002 5 лет назад

Basically owned by PayPal, but a better version. Like a child who surpasses the parent in job skills.

@tomaslajara2689 5 лет назад

I use it all the time in college 🤷🏽‍♂️ UMass Amherst

@Eddieboy3385 5 лет назад

-4 Subscribers with a hammer addiction damn that’s crazy. I found it in December of 2017 and it’s easily one of the best apps I have ever downloaded

@bigzerofps 5 лет назад

In australia we have Beem_It. Its instant deposit into your bank account. Someone pays you and as soon as its received on the app, its in your account. No fees, no wait time. Its a partnership between all the big banks. As an American in australia, it is so nice. Blows venmo out of the water

@straighttojailhehe 5 лет назад

So it's basically the equivalent of Zelle at the big banks. Venmo is usually used as a social paying platform and it's easier to split bills among friends

@fgsaramago 5 лет назад

Pretty much everyone outside the US will have a system like that

@831mark 5 лет назад

Why is it so slow in the US? In sweden we have Swish that is direct. Have you made comparative software around the world?

@Rakion09214 5 лет назад

Have been using Venmo for close to three years. Everyone I know has also been using it for years too. Didn't even occur to me that it isn't a common thing elsewhere. The network effect is real

@fgsaramago 5 лет назад

Honestly it's a pretty garbage product by international standards. It's third party app, not even the banks doing got themselves and the money is not immediate going from bank account to bank account

@YoungL_rd 5 лет назад

Literally never heard of venmo til this video lmaooo, Cash app and apple pay is king

@babaganoush56 5 лет назад

Lol just because you live under a rock doesn't mean that Venmo doesn't dominate both of those apps.

@yolandamontague8203 5 лет назад

I absolutely LOVE apple!

@trebledc 5 лет назад

$100B in your account, if you get a 0.01% bank interest is that $100M that is not small.

@cemdursun 5 лет назад

$100B is the total volume of transactions in a year. No interest for that

@johnbradly297 5 лет назад

0.01% of $100 B is $10M not $100M.

@maplenerd22 5 лет назад

100 Billion is the amount of total transaction, not what they made.

@chuck1prillaman 5 лет назад

Yes, your life is a TV show, you are the star of that show and everyone thinks you are just amazing. Why else would you want people to see what you paid and got paid?

@runescapa239 5 лет назад

I love this content

@pauskie6 5 лет назад

China has been doing this for YEARSS NOWW

@jon-unicorn-doxxer 5 лет назад

No one cares...it's all about how it makes it money...not who created it first...

@boomafoo9 5 лет назад

paula Still funny how it was shown as a new tech

@jon-unicorn-doxxer 5 лет назад

@@boomafoo9 no it's not ..the app is created in 2009..that's 10 years ago...they just show the history of the app and the entire mobile payment industry...

@sidharthchand8072 5 лет назад

It was a headache to use wouldn’t take My credit or debit card wanted me to link it to my bank account

@kingbriscoe23 5 лет назад

The number one thing I can see that's holding venmo back is the name. The name doesn't explain what the app does. Like cash app does.

@patw.6567 5 лет назад

In its current form Venmo will not last long term but if they refine it from people begging to pay them on tinder it'll have way more potential and applications

@SoYeahItsMeexD 5 лет назад

I just use zelle because my bank is affiliated

@iamkateroyal5697 5 лет назад

Maria Rodrigainz can you hits up hackercraigballard on this number 315-840/0385 he's giving $300 randomly

@brendaitzelserrano 5 лет назад

So true over the difference between cash app vs venmo demographics!!!

@sosa9391 5 лет назад

ghettos use cashapp for drugs

@audylikethecar8322 5 лет назад

In Indonesia, if I were to move my money from our version of venmo (for example gopay) to my bank account, it shows up that instant when I transfer it through my phome into mobile banking. But I do get charged a small amount for the transfer. I'm surprised that in the US you have to wait one day.

@KingsleyOkeze Год назад

I've watched this video like 10 times now!

@yuliu2307 5 лет назад

man wechat alipay been doin this for years

@Stutterstun 5 лет назад

well.. venmo came out in 2009 and we chat in 2011.

@Obliviaa 5 лет назад

Isn't wechat only available in Asia?

@thewaysidemedal 5 лет назад

Only r/repfam will understand 🤑

@jatisoni45 5 лет назад

china surely good on implementing cashless payment using alipay and we chat, other countries followed by created its own payment. but in the end, the most used and has most merchant will win. i love venmo coz in can split bill lol

@tynao2029 5 лет назад

@@amvin234 the only reason America even has ideas is because of China. China has every right to steal everything from the USA, and they will destroy the USA in the coming war. USA is about 1/50th of the population compared to China, Russia, Pakistan and Indian populations

@brenguiden5521 5 лет назад

Just imagine if there was a peer to peer system of transferring value without banks?

@fgsaramago 5 лет назад

Or that actually is integrated with the banks making it 100% immediate

@brenguiden5521 5 лет назад

It will never catch on 👍

@brenguiden5521 5 лет назад

👍

@SethuSenthil 5 лет назад

There should be a cross platform payment system so Venmo users can send money to people on PayPal so they can leverage their high markets share before it's too late.

@TheMuddyBunny 5 лет назад

So. I went to China and there is a system of payment where people have qr codes and people can transfer money to each other and you can use that to pay for stuff. Everyone has it, consumer and merchants alike. I really hope something like that can happen here. It's so convenient

@ImmortalDraylo 5 лет назад

Would be nice, but the older generations need to die out first. They are all grumpy old heads that constantly consider cash as king due to their upbringing. Go to any small mom and pop shop and they will refuse cards most of the time, which is quite annoying.

@Wolflowb 5 лет назад

I can get a venmo payment and withdraw cash from an ATM within a minute, how does that work?

@ironyelegy 5 лет назад

Imagine that there are digital placeholders on funds exchanged depending on the service. That's how.

@np494609 4 года назад

benny wolf just get the Venmo debit card. Once you receive money in Venmo walk to an atm pay the fee and withdraw cash, or better yet use cash back at the grocery store for no fee

@brandonleesanders 5 лет назад

My Venmo card allows me to pay for things at stores and restaurants sooooo it's essentially cash.

@ChrisGilliamOffGrid 5 лет назад

Nope. Cash is untraceable.

@indrada-rf2vu 5 лет назад

It's not ftic insured.

@RichardHernandez-pz7bt 5 лет назад

there so many digital payment apps that's why I'm letting them all fight it out and stick to the one that comes out at the end lol we all need to use one universal payment app like in china where everyone uses wechat edit: by the way great work on utilizing youtube for up to date news media 👌 I hardly ever watch normal news channels lol

@SuhelPat 3 года назад

e-Transfer is life, crazy US doesn't have it yet

@thecitizenjoan 5 лет назад

When I tell my friends and family Venmo comes Vendere and Mobile Im gonna sound sooo smart 😂

@litehousekid1 5 лет назад

i was just thinking how creepy it is receiving a notification about my coworker paying his girlfriend for movie tickets.

@happygee 5 лет назад

Great video!!

@davidvillegas5519 5 лет назад

@CNBC Even though it goes through the ACH you can opt for instant transfer for a fee and that is instant. Even though not cleared yet, you can use that money in your bank account--same day, within minutes. Not like traditional bank transfer.

@Ronjourelreyes 5 лет назад

Is venmo instant yet? cause if not im sticking to google wallet. When my friends owe me it at least i get it the same day

@marvbarr5293 5 лет назад

Ron Reyes yes it’s instant try it out I did and I enjoy it now

@aeraxis5188 5 лет назад

"Receiving" the money is instant, and if you plan to use that same money to pay others/buy other things through venmo, then there are no delays. However, if you want to transfer the money to your bank account, then you will have to go through the standard ACH transfer process which usually takes one business day, unless you specifically ask for an instant transfer and are willing to pay venmo's fee.

@ChrisGilliamOffGrid 5 лет назад

Why would you not use cash? It's instant. And private.

@phatasticmeemo 5 лет назад

Why not just utilize it with the existing PayPal? I already use PayPal for everything.

@Commentator541 5 лет назад

Phatastic Meemo Probably some legal issue, and this is a way foe pay pal to continue the operations. But I agree. Regular bank transfer or pay pal work just as well.

@timothyhorton1457 5 лет назад

M Detlef explain why?

@phatasticmeemo 5 лет назад

@M Detlef how so? All app of such nature is the same as PayPal. All carry fees and takes your information. To think that no app does either of these things is VASTLY STUPID, as you put it.

@phatasticmeemo 5 лет назад

@@timothyhorton1457 Because they already have my bank account info and charges the same fee as all these other apps. What makes Venmo any different aside from the name?

@phatasticmeemo 5 лет назад

@M Detlef And what about the others? You think NO ONE can hack into them? There is no protection period for anything if you're using anything via internet connection. CashApp, Venmo, Zelle and etc they're all susceptible to fraud and hacking.

@malenotyalc 5 лет назад

Talk about the ability to wear your credit worthiness on your sleeve ;)

@ryanlungdb 5 лет назад

What they should be trying to do is partner with as many vendors as they possibly can by undercutting Visa and MasterCard's transaction fees, and offering rebates for consumers. Similar to what Alipay, Wechat Pay and Yandex Money did in other markets.

@MrBreastGiveMeMoney 5 лет назад

First time of hearing Venmo

@Andrew-mm5qn 5 лет назад

Firebeast Gaming you’re either lying, or you really need to get out more with friends.

@MrBreastGiveMeMoney 5 лет назад

Andrew Lee seriously, I just heard of it and I have basically no friends

@omarh1315 5 лет назад

I've never used it. However, i'd still prefer a bank no matter how much I don't like them

@omarh1315 5 лет назад

@North American RU-vidr banks are scams but they're the only place to build a retirement fund and gain real interest on it

@BewareTheLilyOfTheValley 4 года назад

I still have a prepaid card that's FDIC insured and can make instant transfers with for those who have the same card. Looking to get an actual bank though for the sake of credit and renting a car should I travel. Prepaid cards usually can't be used with services like Cash App, which my workplace uses as an option for paying our monthly potlucks, lol.

@TCakes 4 года назад

This is all so bizarre to me. Just moved here from Canada and back there we have etransfers and everything is instant, everyone uses it no app needed. You can even send it through iMessage if you want.

@MRZEROTOINFINITY 4 года назад

I’ll have to look into that. Guessing more regulations here compared to Canada? 🤔

@52gigio 5 лет назад

Hahaha 😂😂 at first I thought it was the wine and spirits store !

@mannyflores470 4 года назад

Zelle as is instant to your bank account and no fees. Also FDIC's insured.

@MRZEROTOINFINITY 4 года назад

Thanks for the tip! I’ll have to look into Zelle. Have you been using it long?

@snip3d 5 лет назад

2 days to transfer money? Dont you have instant payments between banks yet?

@TheParaSIET 4 года назад

2009 - Venmo creators -> 2012 - Braintree: buys Venmo for 26million -> 2013 - Paypal: buys Venmo from Braintree for 800million?? Braintree made 774million in only 1 year, what did Braintree do with the Venmo app in that one year?

@fearless6947 3 года назад

The money they made was so easy lol. I think the internet was the wild wild west. Internet companies were going bankrupt and many people didn't have confidence it in, I believe banks were not lending and people were not investing. Back then you couldn't get information about amazon even thought it was a great business, people where to scared to invest (me back then). 26 million is a lot of money and you can sleep better at night. That is life changing money.

@SuhelPat 3 года назад

mad cheap, they bought that honey extension for 4 billion lmao

@dhruvpandya4136 5 лет назад

I'm still 19, but I have no trust with fintech companies. I like to use cash as much as possible

@dhruvpandya4136 5 лет назад

@@RandomGuy-nm6bm eventually. I promise. I will die eventually 😂

@ShivPatel-tn1ui 3 года назад

*laughs in Canadian * how tf you guys don’t have etransfer 😂🤣😭

@Crystal-zt6sh 4 года назад

We've been doing mobile payments in Kenya using Mpesa for the last 10 years....its not a new idea. However, ours is more efficient. You can use the cash in your account to make direct payments e.g. in the supermarket, shops, pay for fuel etc. You can transfer that cash to someone else who can withdraw it instantly into actual cash

@maximiIiaan 5 лет назад

I liked the duck metaphor

@dirkcurritzki9585 5 лет назад

never heard of square cash app....

@chrisd6736 5 лет назад

It’s apparently very popular with drug dealers

@BenMarvin 5 лет назад

@@chrisd6736 also instathots and ewhores

@dkracingfan2503 5 лет назад

@@BenMarvin How are you verified?!!?!?!?

@BenMarvin 5 лет назад

@@dkracingfan2503 I'm important

@__-pl3jg 5 лет назад

How is Venmo new? I've been using Paypal to send and receive payments long before companies like Square or Apple even created competing payment platforms. I guess this shows how poorly Paypal has promoted their own platform...So bad that they have to simply buy someone elses.

@K4ZA 4 года назад

So what exactly is the difference between PayPal and Venmo? Venmo didn't reach Germany yet so I have no idea. It seems to be the same app by the same company

@glsapp23 5 лет назад

That was some Grade-A Elizabeh Holmes style spin at 10:00

@maxinef6654 5 лет назад

Lol 😂

@nopomegranates1876 5 лет назад

Wellllll it's cool, but if you prefer safety of your information, there isn't nothing like cold hard cash 😅

@Big1nz 5 лет назад

Yea that's a fantasy. Your online presence being monetized and sold to information brokers has long destoryed any sense of privacy.

@DavidNunezPNW 5 лет назад

I love Venmo it's amazing not sure if I would use it as much if they started charging for it though. Only time will tell.

@migueleo17 5 лет назад

Would you pay a flat fee of 1 USD per month? or what's the highest you would be willing to pay for the service?

@CapnCody1622 5 лет назад

migueleo17 I wouldn’t pay for it.

@migueleo17 5 лет назад

@@CapnCody1622 not even 1 USD per year? and why not pay for Venmo or Cash App, etc but pay way more in fees when using the same features in a bank? just curious.

@CapnCody1622 5 лет назад

migueleo17 I don’t pay fees through my credit union. I’d never pay a fee to transfer money to someone else. Cash app started charging me a fee because I used it so much they thought I was a business so I quit using it.

@migueleo17 5 лет назад

@@CapnCody1622 I see your point. I nteresting, is there a feature you can think of you would really like to see in any of those apps that will make sense for you to pay? stats? budget tracking? bill pay? etc?

@BorisTerekidi 4 года назад

In Canada we have Interac e-Transfer which allows people to send up to $3000 for FREE in a matter of minutes between any bank account. It's already part of everyone's banking setup, costs nothing and it's quick. The transferred funds are deposited to bank account instantly and can be used right away. This Venmo to us sounds like a total headache.

@davidgolf3245 4 года назад

Great content as always from CNBC. Also the female on air talent is hotttt, like Kate in this video and Jennifer Elias on others I have watched. Love the ladies at CNBC.