Launched in June 2012 by PayPal, Venmo is a mobile payment allowing users to make direct money transfers or card payments between friends using a mobile phone app. To use Venmo service, you need to link to your credit card, debit card or checking account. Users can store some money in Venmo or cash them out to a bank account immediately. Venmo has also recently added a feature that enables websites and businesses to add payment services.

PayPal is an American online payment service released by PayPal Holdings, Inc. The original company was established in 1998 to produce security software for some handheld devices. One year later, Paypal decided to change the direction where the country was headed by turning into a money transfer system in 1999 at Confinity. It attracted many investors and was acquired by eBay in 2002 for $1.5 billion. PayPal became the mostly-used payment method by a majority of eBay users. On September 30, 2014, eBay spined off PayPal into a separate publicly traded company.