Venmo to Charge Users for Selling Goods and Services

The Wall Street Journal2021-06-28

Payments app says it will allow use of personal accounts for business transactions as of July 20 Under current policy, Venmo users conducting business through their personal accounts could have their ...

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精彩评论

Catherine321
2021-06-29
Catherine321
Yes
Typer
2021-06-29
Typer
Yes
Jonah1993
2021-06-29
Jonah1993
hello
- HT2O:
  Hello
FOSJ
2021-06-28
FOSJ
Yea
- MaoMao0314:
  hi
yvneyng
2021-06-28
yvneyng
Nice move
- KamenR:
  As expected
Ila
2021-06-28
Ila
Please comment and like
- Yappy:
  done
- Leaynx:
  Done

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Users suspected of violating the policy could have their accounts suspended.\nThe new policy, disclosed in a letter to users about terms-of-service updates, will take effect on July 20.\nA Venmo spokeswoman said the latest changes mean users who don’t want to create a business profile will be allowed to accept money for goods and services without worrying about running afoul of the rules. They will be charged the same 1.9% plus 10-cent fee applied to customers using business profiles.\nThe change is the latest attempt by PayPal to profit from Venmo’s massive user base. The company rolled out the first Venmo-branded physical credit card last year, looking to attract customers by touting the QR code on the front of the card, and a flexible cash-back rewards program.\nVenmo is one of the most popular digital-finance apps in the U.S. It has gained even more users during the pandemic as new services—such as allowing for the direct deposit of stimulus checks into Venmo accounts—more than offset fewer people using the app to split bills at bars and restaurants.\n\n ‘I had 10 years of using it [free] with no issues. I figured it was going to come to an end at some point.’\n\n\n — Joe Johnson, Venmo user\n\nPayPal Chief Executive Dan Schulman said during an earnings call in February that Venmo’s user base had increased 32% in 2020 to nearly 70 million active accounts. About $51 billion was transferred via Venmo in the first quarter, a 63% increase from the previous year. 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