Tag: venmo
Venmo now lets you send crypto to other users for some reason
Paypal-owned money transfer service Venmo dipped its toes into cryptocurrencies in 2021 after opening up an in-app trading platform. That was just for individuals to buy or sell crypto. Now, the company is going further into the once-heralded digital currency space by allowing users to send crypto directly to other Venmo customers.
This looks to be Venmo’s attempt to simplify the often-confusing task of sending crypto to other people. To that end, the company says this feat is easily accomplished in a “few simple steps.” Just head to the Crypto tab, tap the transfer arrow and follow the prompts. Venmo’s new platform also lets you send currency to Paypal handles and any external crypto wallet. You can also tap Receive to display a QR code that’s embedded with your unique crypto address.
This does seem much easier than rival platforms, but this is crypto, so there is a major caveat. These transfers are not protected in any way, shape or form. They cannot be canceled or reversed, so triple-check the Venmo handle or wallet address before slapping that send button. Once it’s gone, it’s gone.
More details on the actual transfer process are found here and Venmo says the update will begin rolling out to users in the next week, but this is a tiered update, so it could be until the end of May before everyone has access to the feature. This tool will not be available in Hawaii and New York and it only pertains to cryptocurrencies available for purchase on Venmo, like Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Despite the public’s love affair with crypto starting to cool down, Venmo says that its trading platform has seen steady growth. It boasts that nearly 75 percent of crypto customers have held onto their funds since 2021 and that 50 percent have expanded their balance since the beginning of 2023.
This article originally appeared on Engadget at https://www.engadget.com/venmo-now-lets-you-send-crypto-to-other-users-for-some-reason-192015694.html?src=rss
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Starbucks now lets you pay with Venmo
Starbucks Rewards members can now pay with Venmo. The payment service’s parent company, PayPal, announced the change today, saying customers can use Venmo accounts to load and auto-reload their Starbucks Card funds.
PayPal says you can add your Venmo account in the Starbucks app or the Starbucks Card section of the company’s website. Additionally, you can pay directly from Venmo after adding your account to the coffee chain’s app.
The companies are running a promotion to entice you to try it. Until February 10th, Starbucks Rewards members will get 100 bonus Stars (perks for spending money there) by adding at least $15 from Venmo to their Starbucks Card. Alternatively, spending $15 or more using Venmo as a direct payment in the Starbucks app will also get you the bonus.
This isn’t the coffee chain’s first new partnership as it deals with recent slowdowns. It announced last month it was working with DoorDash to offer 95 percent of its in-store menu items through the delivery service. Unfortunately, it also pounced on the NFT bandwagon, launching an alternative rewards system using digital collectibles.
IRS Delays Venmo and PayPal Tax Increase by One Year
PayPal, Venmo, and other cash app users who depend on digital payment platforms for business transactions can breathe a temporary sigh of relief. The Internal Revenue Service has delayed the implementation of a tax code change that would’ve mandated declaration of any exchanges over $600 by one full year, according…