New rule will let IRS take closer look at cash app business transactions in 2022
A new IRS rule set to go into effect in 2022, will impact businesses that use cash apps like Venmo, Zelle, and PayPal, as various news outlets are reporting. An ABC Action News report said the new rule allows the IRS to take a closer look at cash app business transactions of $600 or more. The change will mostly affect businesses that receive payment through one of the cash apps. Johan further recommends setting up a separate account for business transactions, according to ABC Action News. Those who fall into the $600 or more cash apps business transaction threshold, will receive a Form 1099-K, Action News noted.mlive.com
Venmo giving away $500 cash prizes to winners on Twitter and Instagram
The online payment service posted an announcement on Twitter writing that those who retweet it with their Venmo handle, the #VenmoMe hashtag and tag @Venmo will have a chance to win. RT this with your Venmo handle for a chance to win $500. #VenmoMeMust follow @Venmo. Rules: https://t.co/g4KLdGjvpV pic.twitter.com/QSkXomztvQ — Venmo (@Venmo) June 28, 2021Venmo users can also enter the contest on Instagram if they follow @Venmo, comment on the sweepstakes post with their Venmo handle and share the post on their Instagram story. Winners need to be over 18-years-old, legal residents of the U.S. and have a Venmo account.mlive.com
Cash app scams: How to protect yourself
The BBB is warning people should only the P2P apps to send money to people they know. And always double check the profile of the person you are sending money too before actually hitting the second button. Duquesnel also recommends knowing how your bank would handle a mistake or a problem sending or receiving money through a P2P app. If you send money by mistake it is unlikely you will get the money back, and unfortunately scam artists know that as well. “We are seeing an increase in scams being perpetrated through a P2P app.
Payment apps may pose a coronavirus scam threat, AARP says
Mobile payment apps like PayPal and Venmo could expose consumers to coronavirus-related scams, according to AARP, an advocacy group for older Americans. Peer-to-peer payment platforms, which allow for the digital transfer of money from one user to another, have risen in popularity, especially among younger adults. But they also pose a fraud threat due to the difficulty of recovering funds sent via the platforms, according to AARP. More than half of Americans believe they can reclaim money sent in error, for example, according to an AARP survey of 2,842 adults ages 18 and over. The vulnerabilities to scams are especially salient as more people are using payment apps for delivery services for groceries, meals or other necessities as they stay home during the coronavirus pandemic, AARP warned.cnbc.com
How Ariana Grande and Taylor Swift are helping their fans during the coronavirus crisis
"Thank You, Next" hit maker Ariana Grande is giving a helping hand to her fans suffering a great financial loss during the coronavirus crisis. The Grammy award winner has been sending $500 and $1,000 via Venmo to fans struggling from the economic slowdown. A report by Page Six quoted a fan as saying Ariana "reached out" to help cover their salary for a month. Another pop star who never shies away from helping her fans Taylor Swift has been performing random acts of kindness by sending $3,000 to those facing financial struggles. As Americans begin to adjust to living in the age of coronavirus, it will be the generosity of others that helps bring joy to fans and strangers alike.cbsnews.com
Square shares need to clear this one level to kick-start next leg of rally, chart suggests
The fintech stock has added 14% in January, tracking for its best month since June. However, Craig Johnson, chief market technician at Piper Sandler, needs to see the stock clear one key technical level to fully get behind the rally. "If you measure that out on an objective it would suggest you can see it move up toward around $74 to $75. But more interesting to me is Venmo and that's their peer-to-peer [platform]," Binger said. PayPal has added 11% over the past three months, lagging Square, American Express, Visa and Mastercard.cnbc.com
PNC's fight with Venmo highlights bigger issue over who owns your banking data
An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania. PNC and Venmo are bickering over customers' access to third parties, highlighting the sometimes murky area of connecting finance apps to bank accounts. In response, Venmo suggested that affected users should tweet PNC to "let me use the financial service apps I need!" The disagreement underlines what can be a divisive topic of who owns consumers' financial data the banks or the consumers and the difficulty of exporting that data in the United States. John Pitts, Head of Policy and Advocacy at Plaid, said people "should be able to connect their financial data with the apps they want."cnbc.com
Facebook takes on Venmo with new payments tool that can be used across its family of apps
Facebook is taking on PayPal's Venmo with a new payments service that will soon be able to be used across its family of apps. In a blog post on Tuesday, the company said the new service, called Facebook Pay, will allow users to securely send payments to others. Facebook Pay accepts most major credit and debit cards, as well as PayPal. But with Facebook Pay, users will be able to send money via other Facebook apps. "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected."cnbc.com
PayPal is launching a Venmo credit card to help monetize the payment app
The popular app, owned by PayPal, will offer a Venmo-branded credit card in 2020, the company announced Thursday. Venmo has since brought in 40 million users, launched a debit card last year and offers a "pay with Venmo" option with partners like Uber. "The next natural extension was to have a Venmo credit card," Darrell Esch, senior vice president of credit at PayPal, told CNBC. Amazon offers credit cards and uses Synchrony for its most recent secured card. Instead, they pay bills directly on the Venmo app.cnbc.com
College football fan's sign asking for beer money raises more than $1M
A college football fan who held up a sign on national TV asking for beer money has raised more than $1 million -- and he's giving it to a children's hospital. AMES, Iowa (CNN) - A college football fan who held up a sign on national TV asking for beer money has raised more than $1 million -- and he's giving it to a children's hospital. By Sunday morning, the contributions -- including Busch Beer and Venmo's matches -- had reached $1 million, and were continuing to rise. Stead Family Children's Hospital said they were overwhelmed by King's generosity, and the generosity of all the donors who pledged their support. "The University of Iowa's Stead Family Children's Hospital does amazing work for kids and families all over the country," he said.
Police warn of new Venmo scam
- Venmo has become a very popular way to pay easily pay people for goods and services. Because it has become so popular with users, Venmo is now popular with scammers. '"At the end of the day the worst thing you can do is click on the link," Shriner said. Many cases go unreported and this one Venmo scam could target up to 40 million users. In the Venmo app, users can disconnect cards from the account, but by that time, the scammer most likely already has the banking information.
Beer money sign turns into big donation
- A college football fan who held up a sign on national TV asking for beer money says he's giving the thousands of dollars he raked in to a children's hospital. He scrawled his Venmo account details on the sign for the nation to see. The children's hospital is next to the Hawkeyes' Kinnick Stadium. We're going to match your donation to University of Iowa. King said those interested in donating to the Stead Family Children's Hospital can also do so directly through the hospital's website.
PayPal stumbles 6% after missing on revenue, slashing full-year outlook
Shares of PayPal fell as much as 6% in after-hours trading after the payments giant missed Wall Street's estimates for second-quarter revenue and lowered its full-year guidance. The San Jose, California-based company also slashed its full-year revenue guidance, which it attributed to delays in product integration, pricing initiatives that they said would be implemented later, and currency pressures. PayPal is now looking for full-year revenue of between $17.6 billion and $17.8 billion. PayPal also projected lower revenue growth of between 14% to 15% a percentage point below the previous range. Last quarter, PayPal announced that the app had 40 million users.cnbc.com
Smartphone payments on the rise
Smartphone payments on the rise More people are saying goodbye to their wallets and checkbooks and using apps, like Google Wallet and Venmo, to send and receive cash through their smartphones. Susan McGinnis found two young people who are jumping on board this tech trend.cbsnews.com