Question 1

When will Venmo be coming to Canada?

Accepted Answer

Venmo will likely not be coming to Canada for two main reasons: Canadians don’t have a need for apps like Venmo, Zelle, and Cashapp because we already have a service called Interac e-Transfer which easily allows individuals to transfer funds to one another for free or a small fee depending on who you bank with.The Interac Association was founded in 1984 by some of Canada’s most prominent banks such as the Royal Bank of Canada (RBC), Scotiabank, and TD Canada Trust. In comparison, the US has many more banks than Canada which use different methods to transfer funds for their clients, thus creating the demand for a third-party app like Venmo. Canadian banking policies and regulations are strict which could make it difficult for a company like Venmo to enter the local payment transfer space that is already dominated by Canada’s largest banks.

Question 2

What’s so good about Venmo?

Accepted Answer

Aside from all the great features mentioned above, Venmo is very popular amongst millennials because it’s a “social payments” platform at its core. The app has a social feed that displays your transactions (without the dollar figure) plus any messages and emojis you decide to add to all your friends. This has two benefits: Sending your buddy a quirky request for “Tix to see Fun Guy ” or “Drinks @ ___” is a lot less awkward than nagging them for the money in person. Since transactions are public, no one wants to be known as the “moocher” in a group, so they’ll likely be encouraged to pay back their friends quickly.

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