PayPal has introduced the new and improved Venmo for Android and iOS this week, with a whole new take on the peer-to-peer payments platform. According to PayPal, it’s now more social, more easy to explore, and is also focused at offering protection to users who are paying for goods and services. That means fees, fees, and more fees for sellers.
Let’s cover the important stuff first: Purchase Protection. When a user is using the new Venmo to purchase a good, they can now specifically check a box for that, which adds Purchase Protection to the transaction. However, when you do this, the seller will have to pay a fee, so be aware of that. It’s just like how PayPal has worked for eons. With Purchase Protection activated, if you don’t receive something you paid for or it’s not as described, you’ll be able to get your money back. That’s obviously great, but wasn’t the original intent for Venmo back in the day. Many people run side hustles with Venmo, so Venmo is looking to protect its users, as well as get a piece of that action.
Beyond that, the app is more social, with the global feed now completely removed. Replacing it is the friends feed, now the only social feed that will appear in the app. Additionally, users will see a new bottom navigation when they open the app, allowing them to toggle between their social feed, Venmo products, and their personal profile. You’ll even find a new Crypto section, dedicated to getting users into the world of crypto. Hooray.
Head into Google Play and pick up the new Venmo.