Turning your mobile into a wallet and letting you pay your friends is what this new service is all about. Venmo lets you link your credit card to your phone (both iPhones and Android phones are currently supported), and then send direct payments to whomever you like.
This means that if a friend lends you a fiver, you can proceed to repay him immediately. It is all a mere question of sending out a text message, specifying the amount that you want to have transferred.
And something really praiseworthy is that there are no fees to be paid for using Venmo – the app can be procured at no cost, and you will be charged nothing for the money that you send and/or receive through it.
For the time being, this service is available to people who are based on the US only. In order to make a payment, you need a US credit card. And a US bank account is needed in order to withdraw money. A phone that can send (and receive) text messages is also needed in order to use Venmo.
Venmo.com In Their Own Words
Venmo is the easiest way to pay your friends back. Link a credit card and a bank account to your phone and securely pay friends with an iPhone, Android or Blackberry.
Why Venmo.com It Might Be A Killer
It simplifies the collection of payments to no end. And it costs nothing.
Some Questions About Venmo.com
Is this service ever going to be offered in countries other than the US? 
