Are you ready to start carrying around a digital wallet? Well, Venmo is one of the best options out there for service in the United States.
How old do you have to be to use Venmo? Venmo requires users be at least 18 years old. This is because Venmo is a financial service and must comply with regulations from the Consumer Financial Protection Bureau (CFPB).
Additionally, you need to have a US credit card, a debit card, or a bank account. You link one of these services to your account so you can receive money from or send money to friends and families.
You also need to have your cell phone number.
Age Requirements For Venmo
Venmo, which started back in 2009, also requests a government-issued ID. You can use any of the following documents on this list.
- Driver license
- US passport
- US government ID card
- Tribal ID card
- DHS card
When to use Venmo
If looking for a convenient and fast way to transfer money, Venmo is the answer. There are various occasions to illustrate how sending money via this app makes life easier.
For example, when everyone in the office is chipping in for the boss’s going away gift, you can collect all the cash in your Venmo account.
Or when you are out to dinner with a group, cover the tab and then have everyone Venmo you the money they owe. Have them do it right at the table to make sure you get everything you are owed.
Person-to-person transfers are simple and are completed instantly.
How Venmo is More of a Social Platform
This digital wallet has more connections to social media than other digital wallet options. There is an option to activate on the Facebook Connect feature.
Some Things to Remember
- Your payments are public for everyone to see.
- You pay friends by finding them on their social media accounts.
- Add comments and emojis to communicate with your friends and family.
The service provided by Venmo is regulated by the government of the United States of America. Venmo will ask for your SSN to verify your identity when one of these situations occurs within your account.
This process is for your utmost protection.
- Transfer $300 or more in a week
- Send $1000 or higher to your bank account in a week
- Start a group account
- You are the sole proprietor using a business profile and have more than 200 transactions annually
Tips for Safe Usage
- Only accept people you know as friends to stay away from scams.
- Remember that your transactions are public; everyone can see where you send money and what money enters your account.
- When you enable Facebook Connect, Venmo adds your friends on Facebook to its app, allowing many people to access your transactions.
- It is recommended to link credit cards instead of debit cards.
- Don’t use the app on public Wi-Fi.
- Sign out of the app after each use.
- Allow pin protection (connect the pin with your fingerprint ID for maximum protection).
- Set up the multifactor authentication feature (a two-step process).
Some Statistics about Users and Ages
Let’s look at how Venmo ranks among other digital wallets.
In 2013, PayPal acquired Venmo. One-fifth of all mobile app transactions are done on Venmo. Furthermore, in 2019 there were about 50 million active accounts on the app.
Venmo’s payments added up to $169 billion in 2020, even though 30% of small business owners had never heard about the company.
In 2020, Venmo had $450 million in revenue.
Other Info For All Ages on Venmo
In addition, if you want to know about “How to Venmo Money to Yourself,” click here.
Learn step-by-step “How to Order Venmo Card” here.