PayPal says US consumer watchdog investigating payment app Venmo
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The Business Standard
THURSDAY, MAY 26, 2022
THURSDAY, MAY 26, 2022
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PayPal says US consumer watchdog investigating payment app Venmo

World+Biz

Reuters
05 February, 2021, 06:25 pm
Last modified: 05 February, 2021, 06:28 pm

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PayPal says US consumer watchdog investigating payment app Venmo

Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc

Reuters
05 February, 2021, 06:25 pm
Last modified: 05 February, 2021, 06:28 pm
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017/ Reuters
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017/ Reuters

PayPal Holdings Inc said on Friday it was cooperating with the US consumer watchdog regarding a civil investigation demand relating to its app Venmo's alleged unauthorized fund transfers and collections processes.

The demand from the US Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. 

Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc.

In the fourth quarter, Venmo, which has been part of PayPal since 2013, processed about $47 billion in total payments volume, up 60% from last year.

PayPal / Venmo / US consumer watchdog / investigating

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