How Safe Is Venmo And Why Is It Free?

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How Safe Is Venmo And Why Is It Free?
Venmo uses bank-level security and data encryption to protect users against unauthorized transactions,
and allows users to set up a PIN code for mobile application use for additional security.
Additionally, emerging markets have large potential for adopting mobile payment systems, specifically in the realm of remittances,
furthering the need for greater security as an unsecured globally integrated payment system could have huge ramifications.
As consumers continue to embrace digital alternatives to payments by cash and check, user confidence in the security of P2P payments must increase.
Braintree, operating as the payment system for apps including Airbnb
and Uber, was later acquired with Venmo by payment tycoon PayPal Holdings Inc. (PYPL).
Although Venmo has enjoyed rapid growth and popularity amongst millennials, recent security
blunders have led consumers to question the safety of the mobile payment platform.
However, mobile payment platforms remain vulnerable amid an increase in Internet-related security breaches.

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