![\"Uncovering](\"https:\/\/www.ncrypted.net\/blog\/wp-content\/uploads\/2018\/10\/venmol-blog-img.jpg\" "\\"Uncovering")
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Not too many people know this but when co-founders Andrew Kortina & Iqram Magdon-Ismail were thinking of developing the Venmo business model, they thought of it as a platform to share music. The name was derived from the Latin phrase \u201cvendere\u201d that means \u201csell\u201d & mo stood for \u201cmobile\u201d. The prototype on how does Venmo work was made to pay the amounts via text messages. Pretty soon their inboxes became full of these texts & they realized that their inboxes started to look like a news feed of what they were doing the whole time because it had details of payment followed by a short note of what the payment was made for. This was the idea behind developing the Venmo \u2013 a social & digital platform where people could send & receive money & leave cute notes. The idea was to make payments faster and make them sound like conversations. However exciting the idea was, they never received any money from the investors. Thus a friend & his father lend them some money to work on it & this is how they launched Venmo.<\/p>\n
Years down the line, Venmo has now become a hippie thing to do. It has become a phrase. People no longer say the words like payment or pay, instead, they say \u201cjust venmo me\u201d. With Venmo, you can transfer money with just a few taps. No need to rush to a nearby ATM vestibule or write a cheque that would take days to get cleared. All you got to do to pay or receive money is to use Venmo & that would suffice the answer of how does Venmo work? The difference between other payment merchants & the Venmo is that there is a social feed which shows posts about who paid whom among your friends. It also shows the cute notes with emojis that your friends wrote & moreover, you can comment on it as well. One can make the payments private & thus nobody will know what you paid to whom, but apparently youngsters like their friends to know about it.<\/p>\n
You may like to read:\u00a0Unicorn Company<\/a>: Billion Dollar Startups<\/p>\n