![]() ![]() Instant Transfersĭid you know Venmo has a convenient feature that lets you instantly transfer your Venmo balance to your linked bank account?īank transfers are notoriously slow and archaic, often taking days to complete. Since credit card debt is on the rise, Venmo Credit has the potential to be a game-changer in revenue for the company. That interest rate varies depending on your credit report, repayment history, and credit score.Īccording to the Federal Reserve, the average interest rate assessed to credit card account balances is 20.40%.Īlso, US household credit card debt surpassed pre-pandemic highs of $927 billion ( Federal Res erve Bank of New York). There are no annual or foreign transaction fees, but let's not overlook the fine print – there's an interest rate. Venmo Credit is a premium credit card that grants users perks such as cashback on purchases and a credit score tracker. Venmo's got another trick up its sleeve for generating revenue: Venmo Credit. This revenue stream is a significant part of Venmo's business model, enabling the company to monetize its whopping user base of more than 83 million active users.Īs Venmo's payment volume keeps climbing, the revenue from transaction fees is bound to follow suit. Since this fee is a smidge lower than the fees charged by competitors like Square Cash (2.6% + $0.10) and Google Pay (2.9% + $0.30), Venmo remains an attractive option for businesses looking to accept mobile payments. Venmo charges merchants a 1.9% fee per transaction plus a fixed fee of $0.10. ![]()
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