Venmo

Watchout PayPal, a new mobile payments app is steadily climbing the ranks among the peer-2-peer payment system realm. Venmo allows users to send funds — whether as repayment or a gift — to family and friends with ease.

 Mobile apps like Venmo are now taking banking and daily errands to new hieghts, as more Americans are turning to their phones and other mobile devices to make purchases and handle money.

 This is a service similar to what PayPal offer. As with PayPal, Venmo requires that you fund an account with either a bank transfer (ACH) or credit card. Unlike PayPal, there is no charge associated with transactions. And Venmo focuses most on mobile users and social network — making it a quick and easy way to transfer small payments — say lunch or coffee or — with other members. It also lets you easily withdraw money out of the credit card or bank account you’ve put on file.