PayPal’s Venmo Payment Service Under Federal Investigation

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It would seem that Venmo, PayPal's peer-to-peer payment service, is currently under investigation by the Federal Trade Commission. PayPal says it received the notice back in March and that it is cooperating with federal regulators.

In its quarterly earnings report PayPal discloses that it received a Civil Investigative Demand from the Federal Trade Commission on March 28 as part of the FTC’s “investigation to determine whether we, through our Venmo service, have been or are engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act.”
 
Zarathustra[H] said:
What is Venmo, and how is it different from Paypal's regular money sending options?
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I can send money to my friend with a few quick taps of my smartphone. There's also the social media aspect of it, but I completely ignore that part.

My friends and I use it whenever we go out to eat. One person pays with their credit card and everyone else pays him back with Venmo.
 
w4ffles said:
I can send money to my friend with a few quick taps of my smartphone. There's also the social media aspect of it, but I completely ignore that part.

My friends and I use it whenever we go out to eat. One person pays with their credit card and everyone else pays him back with Venmo.
Click to expand...


andhow is it different from Paypal's regular moneysendingoptions?
 
I have it... only used it like 3 or 4 times. Its not a bad program. I only connected my gift card to it though... So have 4 dollars just sort of hanging in there since I won't connect my card/bank to it. That seems a bit too much.
 
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