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Venmo is rolling out a significant redesign over the coming months that aims to make the app more useful, social, and easier to navigate. This is the peer-to-peer payments app’s biggest refresh since 2021. The timing is notable. PayPal, which owns Venmo, is restructuring to spin Venmo off as a standalone business unit — a…
PayPal is looking towards the future, despite its falling stock and looming layoffs. In its first-quarter earnings call, CEO Enrique Lores told investors that PayPal needs to “recommit to the fundamentals,” which included “becoming a technology company again.” There was no need to read between the lines — PayPal was pitching an AI-powered turnaround. Lores…
While Venmo or Splitwise are effectively ‘debt collector’ tools, which require one person to pay a full bill and then request funds from others, neither have cracked bill-splitting at the moment of payment. European startup Cino, which has come up with just such a product, has now raised €3.5m in a Seed funding round led…
PayPal is launching a few features that let users in groups pool money with friends or family, to collectively pay for trips, travels, gifts, and anything else. The company is launching this feature in the U.S., Germany, the U.K., Italy, and Spain ahead of the holiday season. “Re-launching” might be the more appropriate verb here:…
“New IRS rule on Venmo, cash apps could penalize millions” Americans who made money online this year could be in for a potentially brutal shock when they file their taxes in 2023. That’s because, beginning next year, taxpayers must report to the IRS transactions of at least $600 that are received through payment apps like Venmo, PayPal…
“IRS warns Americans over $600 threshold to report Venmo, PayPal payments” The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more…
“Stop siccing the IRS on nannies & other tiny entrepreneurs” Etsy, eBay and smaller retailers are fighting to repeal the new law that forces anyone who gets more than $600 a year in “business” payments via Venmo, PayPal or other third-party payment services to report each transaction to the IRS. As we’ve noted, that got…
“The IRS wants in on your Venmo” Side hustlers beware: Any income you make over $600 is now being reported to the Internal Revenue Service by payment apps including eBay, Venmo and Airbnb. The new law — which is in effect for the 2022 tax year — means that payment processors must start keeping track…
“#Venmo finally ditches controversial feature over privacy concerns” Venmo is finally ditching a notoriously controversial and unsettling feature — the ability to see strangers’ transactions. The PayPal-owned app — which rocketed to success by combining easy mobile payments with elements of social media — revealed Tuesday that it’s axing its “global feed” that had allowed…
“#Venmo will now let customers buy and sell cryptocurrencies” Mobile payment app, Venmo will now let customers buy and sell bitcoin and other cryptocurrencies, marking the latest effort to make digital tokens more mainstream. The Paypal-owned Venmo said starting Tuesday it will display a new feature on its app that will let users buy four…