
Venmo Review - AlexeyMK
http://alexeymk.com/its-like-your-wallet-and-your-phone-had-a-bea
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jcampbell1
I am going to signup for 2 accounts and max out the airline miles on my credit
cards every month... just kidding.

I actually did this in college when the federal government allowed people to
buy savings bonds with a credit card. Unless they have really good controls, I
can see some enterprising college kid pumping 250k through this service and
showing off an Amex black card.

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solutionyogi
Why the downvote? I am not the OP but I agree with the basic premise. Any
start up dealing with money has to think about people who will abuse the
system. I hope they have checks in place to avoid something like this.

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thinkcomp
I'm not clear on Venmo's money transmitter license situation, especially in
Pennsylvania. Anyone know how they can operate legally nationwide?

(I am a competitor but this is a real question.)

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starnix17
One of the (few?) best startups in Philly, very nice founders and employees.

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rflrob
I had my most recent "I live in the future" moment when I, between getting off
of public transit and arriving at the food truck, received the menu from a
friend, picked what I wanted, then paid the same friend for that food, all
through my iPhone, and all the while knowing exactly where the other person
was using GeoShare[1][2]

[1] <http://geoshare.us/> [2] <http://news.ycombinator.com/item?id=2093261>

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andrewpi
I don't understand how Venmo will continue after they burn through the VC
money. Won't the credit card fees eat them alive?

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rflrob
My understanding is that they do charge some fee to places like food trucks.
The way it's structured, though, they encourage the users to keep some amount
(c. $20) in their Venmo accounts, so that when you pay someone, it gets taken
out of that first, then only falls back to your credit card or bank account
when necessary. Depending on how frequently people cash out, they might even
be able to make a small amount on interest by investing the amounts that
people have on file, and just shifting the chits around.

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dillona
It is a prettier PayPal.

The only difference is a few features and that (for now) they aren't charging
fees.

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jordanekay
No, it's not, at all.

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glhaynes
They'll need to explain really strongly why it's not, then, because that'll be
all most people will think.

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dpres
Venmo's privacy settings need work. You can't hide the $ amount and publish
only the payment description. You can either publish it to all friends or keep
the whole payment private.

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dools
Sheesh, any other Aussies tired of seeing cool shit like this and not being
able to use it!?

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gfunk911
Bug, they rejected my CC with exp date of this month as expired. Lost a user.

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ujjvala
How did this app for iPhone got accepted when the Bitcoin app was rejected ?

