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.

Features
8/15
See all

Must 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.