Text your bill to Venmo

Tired of carrying cash around? Thanks to Venmo, you may no longer need to.

Already accepted at food trucks, including Coup de Taco, Hemo’s, Hub Bub and Don Memo’s, Venmo is a new text messaging-based payments system founded by Penn alumni, Andrew Kortina and Iqram Magdon-Ismail.

The system is intended to replace cash, and will be the future of payments, according to Magdon-Ismail.

From their cellphones, users text the Venmo main number with the amount of payment and the recpient and then Venmo makes the transfer, the Venmo web site explains.

“Our goal is to become the number one payment processor in the country,” he said.

Kortina and Magdon-Ismail came up with the idea when they were at a concert and could not buy the band’s CD because there was no way for the musician to accept credit card payments. After this experience, they decided to set up a way for people to send money via cell phones.

Kortina said they did not want to create something internet-based just for the iPhone because not everyone has one. “But we liked the simplicity of text messaging,” he said.

According to Magdon-Ismail, it’s this simplicity that makes it nice to see food trucks like Hemo’s be able to accept payments using technology.

Coup de Taco co-founder Jeff Henretig said he appreciates how Venmo is convenient for customers and economical for small businesses like his.

“We can’t afford credit card fees right now, so Venmo is good for us because they’re not charging us any transaction fee,” he said.

Engineering senior Harish Venkatesan, who is helping market Venmo on campus, stressed this convenience aspect for students, including how Venmo accounts can be linked to both credit cards and bank accounts.

Not only can Venmo be used to pay businesses, it can also be used to send money to friends for utilities or splitting bills.

According to Magdon-Ismail, Venmo will also be useful for sorority and fraternity fundraisers, as well as for other organizations on campus that will be able to accept non-cash payments by setting up a Venmo username for their organization.

It can also be used to reimburse employees and to make purchases off of Craigslist. Kortina said they are currently talking to Marathon Grill and Steven Starr restaurants in the city to get them to accept Venmo payments.

He said that it is useful even for businesses that already accept credit cards but want to better engage their customers.

Venmo allows users to import a photo from Facebook, so that businesses can see this photo of their customers as they pay, and vice versa. Users can also attach notes to Venmo payments, increasing this personal aspect.

“In about a year, everyone on Penn’s campus will be using it,” said Magdon-Ismail. “It’s the future of how we’re all going to pay for things.”

Currently, sign-ups for Venmo can only be done on an invite basis. Readers can sign up using the invite code “penn-dp”.

Comments (15)

Thanks for the coverage Anandi! We're excited about all the ways Venmo can be used on campus. Get in touch with us if you have any questions or want to learn more: http://www.facebook.com/venmo

Also, here's a direct link to signups: https://venmo.com/account/signup?invite_code=penn-dp

Furda added that this year’s number of applications will also grow slightly in the next two weeks, as students who were not accepted through QuestBridge — a specialized admissions process that links low-income students with top colleges and full scholarships — are moved into the early decision pool. | | | |

interesting topic, but we have not learned much from the article. would be good to take a few examples of what you want to do and explain it. >>><<

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Credit card companies take such a high percentage that those who want to use a convenient way to pay are penalized. Credit cards have about a 3% fee for each transaction. When you are talking utilities or even some chips at the grocery store, this can add up. That money could be paying employees! So instead of raising prices for everyone, now credit card users suffer. Credit card companies need to reform this practice! I work for and hope you can all check out our website for more information on how these fees are damaging our economy.

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"We allow people to make cash transactions without the hassle of carrying cash", says Jameel Farruk of Venmo ..... It's the lack of fees that Venmo believes will allow it to become popular..... Currently, it is free to add money to your Venmo account , send money, receive money and even withdraw money to your bank account. There is no minimum to load on your account, send and receive money or to withdraw to your bank account . In the future, Venmo plans to make money by charging users a fee for an expedited transfer to your bank account , which currently takes about the same amount of time as a standard bank transfer. ..... three basic functions of Venmo; Pay, Charge and Trust. the ability to reverse a trusted charge for 24 hours and a maximum transaction of $500 ...... one of the best solutions yet.

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Venmo for cell phones? Sounds too good to be true, but I hope this will a new technology that will replace cash carrying in my wallet. I hope that this technology will be properly developed, since we already have the opportunity to watch TV online and via our cell phones, I personally adore channel.

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