Our synopsis and take on this article:
If you are living outside the U.S, you are unlikely to have heard of the popular Venmo mobile payment service owned by Paypal that provides its services to only residents of the U.S.
On its website, Venmo describes its service as:
Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don't want to deal with cash. For example:
- Splitting a lunch bill
- Paying your friend half of a cab fare
- Sending your roommate your half of the rent
You can find out more information here.
Venmo can also be used to make purchases with authorized merchants. For example:
- Using the Venmo Mastercard Debit Card anywhere in the U.S. where Mastercard is accepted
- Using Venmo as a payment method in authorized partner apps or mobile websites
- Using in-store QR codes to complete purchases with Venmo
According to Wikipedia, it handled $159 billion in transactions in 2018. That is huge and indicates its popularity in the U.S.
That also makes the announcement by Venmo in the article being shared here very significant for the crypto industry. Imagine only a conservative 10% of these transactions are translated into crypto. That would amount to 15.9 billion in crypto currencies. Also remember we are dealing with transaction values in 2018. In 2021 it could be mush higher.
If Venmo is introduced to the rest of the world the figures could fasts approach the trillion dollar mark. These are positive developments that augur well for the future of crypto.
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