Venmo and PayPal Users Will Finally Be Able To Send Money To Each Other

Starting in November, Venmo and PayPal users will finally be able to send money directly to each other, ending years of workarounds despite Venmo being owned by PayPal. TechCrunch reports: This change means that PayPal users will now be able to find Venmo users by inputting their phone numbers, and later, their email addresses. If you don't want PayPal users to be able to find you, you can update your settings in the Venmo app by navigating to Settings - Privacy - Find me... and while you're at it, you might as well default your Venmo transactions to private via Settings > Privacy. You'll thank me in the long run.

PayPal announced that it would broaden its network of payment systems in July, starting with Venmo, but the companies did not confirm the date of the update until now. This collection of partnerships, which PayPal has named PayPal World, will also work with Mercado Pago, NPCI International Payments Limited, and Tenpay Global. This will help users send money internationally without barriers and fees. Combined, Venmo and PayPal have 2 billion global users, according to PayPal.

Technofeudalism

[OrangeTide]

Or how Uber and Lyft operates a taxi service in hundreds of cities without actually paying for medallions or setting up income tax payment for employees-that-are-not-employees.

Now only to find some money to send

[thesjaakspoiler]

That might be the biggest hurdle.

Transfer please

[too2late]

I just want to be able to transfer from Venmo to PayPal. I use PayPal and only have Venmo because other idiots use it and want to pay me with it.

Re:

[mspohr]

I've found Venmo cheaper to use since it doesn't have transaction fees for many transfers.
PayPal extracts fees from most transactions.
Who is the idiot?

What is wrong with US banks?

[quenda]

All these years and you still need a 3rd party app to pay someone?

Anywhere else you just use you bank app or website. I can pay anyone in the same country, instantly. And using their phone number or email (if they registered it with their bank).

Last I heard, the US was still using paper checks, magnetic swipe cards, and pennies. Maybe such a bad banking system is part of what made the US so innovative, inventing credit cards and Paypal?

Re:

[registrations_suck]

Good for you!

Different things work in different places.

Nothing wrong with that.

Shocker: not everyone wants to live like you do.

Re:

[quenda]

Seriously? You are taking it as a personal insult because I criticised the US retail banking system? I guess it may be true about rising nationalism.

Re:

[registrations_suck]

No insult here. I don't give two shits about the U.S. banking system.

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[omnichad]

The simple answer is that it's a bug in the US banking system that would require a full rewrite. Account numbers are used as primarily a source rather than a destination. Knowing the account number means you control the outflow of funds. In better systems, the bank account number is just a destination that can be freely shared because you send from the bank to the account number. And tying that number to an email or phone number identifier is trivial.

The closest the US has is Zelle. And it works as a p

Re:

[mspohr]

I am amazed at the laggard US banks.
20 years ago I lived in Switzerland. Banks had no checks. All payments were electronic. I could pay and receive money from anyone without hassle or fees.
The US is backwater slowly slipping into irrelevance.

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[Tony Isaac]

Your information is a little out of date.

In the US, I can also pay anyone in the country, instantly, just knowing their phone number or email, if they registered with their bank.
Paper checks do still exist, but most stores no longer accept them, and most people no longer have them. I haven't had paper checks for years.
Chip cards are the norm.
Pennies, we do still have.

The US banking system is a clusterf*

[sir_smashalot_3rd]

I can transfer money from my own bank to anyone else's account in my country instantly and to another country in the EU in max 1 day. The need for apps from another company that is not your bank to send money to someone in your country is laughable.

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[groobly]

Europe is so superior to the US that I really can't understand how the US even exists any more.