Summary
Venmo is a mobile payment service that allows users to send and receive money, split bills, and make purchases with businesses. It offers a debit card and credit card, and also provides business profiles for accepting payments. The platform is primarily focused on domestic transactions within the United States.
Features8/15
See allMust Have
3 of 5
Transparent Low Fees
Borderless Debit Card
Fast Transfer Execution
Mid-Market Exchange Rate Transfers
Multi-Currency Account
Other
5 of 10
API Integration
Business Account Features
Mobile App
Regulatory Compliance
Customer Support
Batch Payments
Real-Time Rate Alerts
Invoice Creation
Spending Analytics
Multi-User Access
Rationale
Venmo is primarily a peer-to-peer payment app focused on domestic transfers within the US, which does not align with the core value proposition of Wise, which is international money transfers at mid-market rates. Venmo does not offer multi-currency accounts or mid-market exchange rate transfers. While it has a debit card and business features, its international capabilities are limited, and its fee structure is not based on mid-market rates for cross-border transactions. Therefore, it does not meet the 'must-have' features for a direct competitor to Wise.
