All articles tagged with #venmo
Venmo is rolling out a major app redesign that sets new users’ posts to be visible only to friends by default during onboarding, with options to make posts public or private later. The update, part of a broader redesign including new surfaces like Send, Money, and Rewards, aims to boost user trust and privacy; rollout will occur in stages on iOS/Android in the coming weeks.
PayPal announced a strategic reorganization into three operating units—Checkout Solutions & PayPal; Consumer Financial Services & Venmo; and Payment Services & Crypto—aimed at speeding growth and simplifying decision-making, alongside leadership changes (Frank Keller as President of Checkout Solutions & PayPal; Alexis Sowa and Jeff Pomeroy as interim leads for the other two units; Antonio Lucio as Chief Marketing & Corporate Affairs Officer; Anshu Bhardwaj as Chief AI Transformation & Simplification Officer). Departures include Diego Scotti and Michelle Gill. More details will be shared on the May 5 earnings call.
PayPal is separating Venmo into its own standalone unit as part of a three-segment restructuring, in a move tied to ongoing takeover interest from potential buyers like Stripe; two senior executives are exiting and layoffs were previously floated, with Venmo viewed as the company’s most valuable asset and a likely target for buyers.
PayPal stock jumped after Bloomberg reported unsolicited takeover interest, with analysts saying the company may be undervalued at about seven times next year’s earnings and could attract private‑equity or strategic buyers; there’s even chatter about spinning out Venmo, and potential bidders could include large tech or financial players (e.g., for Venmo) as the fintech landscape shifts.
Venmo and PayPal experienced outages for some users, according to monitoring reports, causing temporary service disruptions.
PayPal and Venmo users in select markets can now access a free one-year trial of Perplexity Pro, which includes the new AI-centric Comet web browser, offering an innovative alternative to traditional browsers with integrated AI features. The partnership aims to embed Perplexity's tools into users' daily routines, potentially converting free trial users into paying customers after the trial period.
PayPal and Venmo users in the US and select global markets can skip the waitlist for Perplexity's new AI-powered Comet browser, gaining early access along with a free 12-month Pro subscription valued at $200, and can also manage subscriptions and access exclusive deals directly in the PayPal app.
PayPal and Venmo users in the U.S. can now access early invites to Perplexity's AI-powered web browser Comet and receive a free year of Perplexity Pro, as part of a partnership aimed at boosting AI browser adoption and increasing exposure for Perplexity, with plans to expand internationally later in 2025.
The NCAA has partnered with Venmo to combat harassment and abuse of college athletes, including unwanted money requests and solicitation for inside information, by launching a dedicated hotline, increasing monitoring, and educating athletes on account security, aiming to protect their integrity and safety.
The US government now accepts Venmo payments to help reduce the over $36 trillion national debt, with donations also possible via bank, PayPal, or credit card, although individual contributions are unlikely to significantly impact the debt which grows by nearly $55,000 per second.
A federal inquiry has traced Venmo payments made by Congressman Matt Gaetz to women, as part of an investigation into potential misconduct. The payments are being scrutinized to determine if they were part of any illegal activities.
A woman named Jenna Herrera received $300 from a stranger on Venmo, followed by a request to return the money, which she suspected was a scam. This technique involves scammers using stolen financial information to send money, then asking for it back, leaving the recipient at a loss when the transaction is reversed. Herrera declined the request and kept the money in her account, seeking guidance on how to return it to its rightful owner. Venmo advises contacting them to help reverse such payments, as this is a common scam tactic.
A Redditor shared that their wealthy mother-in-law, who they thought was generously covering expenses during their newborn's hospital stay, later sent a Venmo request for reimbursement. This caused significant distress, especially as the family faced financial and medical challenges.
Michigan Attorney General Dana Nessel warns Venmo users about a scam where fraudsters use stolen credit cards to send money "accidentally" and then ask for it back. When Venmo identifies the transaction as fraudulent, it can withdraw the money from the user's account, leaving the scammer with the funds. Nessel advises caution with transactions involving unknown individuals and highlights other common money transfer scams. Victims are encouraged to report incidents to the Federal Trade Commission.
PayPal is developing an advertising platform leveraging transaction data from PayPal and Venmo users, led by former Uber Advertising VP Mark Grether. The platform will use customer purchase information to help merchants target ads more effectively, with data collection being the default but offering opt-out options. The initiative is in early stages, with privacy controls promised. This move aligns with similar strategies by companies like Facebook, JPMorgan Chase, and Visa.