Digital platforms have risen to the occasion to provide ease of access to users. From our letters to photographs, our fund transfer methods have gone digital as well. With the rise of digital payment methods, users now have access to a mode to transfer money peer-to-peer. The number is increasing with every passing day, now standing at 26 million active users in the USA itself. The top on this list is Venmo with a popular and established user base. It rose to popularity due to its multiple unique features which make navigation a seamless experience.
How do Payment Platforms like Venmo Work?
When it comes to crucial features, security tops the list. People are giving digital platforms access to their funds; they want a guarantee when it comes to the safety of their money. Venmo is software that can be accessed on both desktop and mobile phones. The application provides a user-friendly interface that helps them make monetary exchanges effortless. The application can interject in the approval and declination of the credit payments as well.
Venmo can be downloaded from platforms like the play store or Apple store. To make a transaction online, the user has to link their credit or debit cards to their accounts. Once linked, the user can start the transactions immediately. There is no fee linked to the downloads or usage of the application. If a credit card transaction takes place, a 3% fee is charged to the sender. Venmo acts like a middleman in the process of monetary exchange. The application also provides a ledger of all the transactions taking place there.
Top Features that Make Venmo User-Friendly
The unique feature of Venmo is what sets it apart. The crucial features which make it a relevant application for its users. Here is a list of them:
- Money request: The platform has the feature of allowing users to request money. The app-in-app messaging allows the users to let their requests be known.
- Tracking of transactions: The application allows the user to keep a track of every translation they make. They can track their account’s activity with ease. This also helps the user keep a check on authorized and unauthorized requests.
- Integrated contact list: It is one of the most critical features of the application. This feature allows the user to synchronize their contact list and Facebook contact list to the application. They can transfer money to anyone on the list. Looking for friends and contacts to transfer money has been thus made seamless.
- Real-time payments: The main feature of an application Like Venmo is to make payments in real time. This means that the money is sent or received as the transaction happens. This has made fund transfer instant and has opened multiple avenues for people all over the world.
- P2P fund transfer method: Peer-to-peer monetary transaction has been made easier with the help of applications like Venmo. The only requirement is linking one’s bank account to the application.
- Account settings: The account setting allows the user to check the preferences of their account.
- Verification code: The application uses a multi-code authentication process such as PIN to keep every transaction safe and secure. The application has integrated payment getaways. The PIN keeps the application safe and does not allow any access without it.
- Notifications: Every transaction that happens on the application is notified to the user. This helps in keeping a check on any unwanted translation being triggered on the application.
- Chat option: The chat feature on the application lets the other user know if you are sending or requesting money to and from them.
To create an application that is safe and secure, a mobile app development company can be consulted. They have expertise in the field and provide end-to-end solutions.
What does Venmo Do to Ensure Data Safety?
Venmo is a licensed provider of services for monetary exchanges. It is now among the trusted names in the industry. This has happened due to its constant compliance with security and privacy standards on the application. Venmo has created a safe ecosystem for its users. Their data protection is a top priority.
They follow the below-mentioned practices to keep their users feel safe:
- No agents involved: The platform never demands any verification of passwords or codes via any agents. They have no other middleman involved during the process of the transaction.
- Encryption: The platform uses the encryption process to protect the information of the users. They also track the transactions to keep a check on unauthorized ones. The platform also extends support in addressing any suspicious monetary exchange not initiated by the user. The encrypted account details are stored in a secure space using the HTTP protocol. The encryption on the application is strong that protects the data of the users from hackers.
- Authentication of devices: The users have control over the devices that can access a particular Venmo account. This restriction upholds unwanted requests and thus protects a user from unwanted transaction requests. This feature comes in handy if the user has lost their mobile phone.
Why Hire an Expert to Create Applications like Venmo?
To keep multi-level security a top priority requires an ios mobile app development company or an android one too. It is important to understand the user’s needs and translate them into the interface of the application. If you are looking for a company to do an exceptional job, Zazz is your answer. We are ranked higher in the services we provide to our clients.