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Definition: Venmo


A peer-to-peer (P2P) payment system from PayPal for transferring cash. Using a mobile app or the Web, Venmo members send money from their bank or credit/debit card to another member. Venmo is not used for sales of merchandise at retail establishments. Introduced in 2009 by University of Pennsylvania freshmen Andrew Kortina and Iqram Magdon-Ismail, Braintree purchased the service in 2012 and was acquired by PayPal a year later. See P2P payments.