Savanna Hoffman
Venmo is a peer-to-peer (P2P) payment app that allows users to send and receive money via their mobile devices. The app can also be used to purchase goods and services from a growing list of retailers. Users can connect their Venmo account to their bank account and transfer money to other users by inputting the recipient's username and the amount to be transferred. While Venmo does not offer loans, it has provided financial support to college students through initiatives like the #VenmoU Cash Drop, where students had the opportunity to win instant cash prizes of up to $500 and a grand prize of $10,000 to offset tuition costs. The phrase What's your Venmo? I wanna pay your student loans reflects a user's intention to send money to another individual to help pay off their student loan debt using the Venmo app.
| Characteristics | Values |
|---|---|
| Date | 29 September 2021 |
| Participants | College and graduate students enrolled at an accredited college or university in the 50 US/DC |
| Age | 18 years or older |
| Prize | Instant win prizes of up to $500 and a chance to win a $10,000 grand prize |
| Purpose | To help students with the rising cost of college and offset costs at the start of the school year |
| Partners | Grammy-nominated rapper Jack Harlow |
| How to enter | Visit venmou.com and spin the wheel |
| Duration | 24-hour giveaway |
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What You'll Learn
Venmo offers students the chance to win money to offset loan costs
On September 29, 2021, Venmo announced a collaboration with Grammy-nominated rapper Jack Harlow to help college students with the rising costs of education through the #VenmoU Cash Drop. Students could visit venmou.com and enter the mobile number associated with their Venmo account to spin the wheel for a chance to win instant cash prizes ranging from $1 to $500. All participants were also entered for a chance to win a $10,000 grand prize, which could significantly offset tuition fees or provide a head start on paying down student loans.
The #VenmoU Cash Drop was a 24-hour giveaway that aimed to provide financial support to college students and graduate students enrolled at accredited institutions in the US. With the increasing costs of attending college in the United States, many students and their families have resorted to taking out student loans to cover tuition, room and board, and other expenses. The #VenmoU Cash Drop initiative sought to alleviate some of these financial burdens and give students a boost as they began the new school year.
Through this initiative, Venmo and Jack Harlow recognised the challenges faced by students, especially in light of the pandemic, which had brought new financial obstacles and hardships. By providing instant win prizes and the opportunity to win a substantial grand prize, Venmo offered a practical solution to help students manage their expenses and pursue their academic dreams with a little less financial stress.
While the #VenmoU Cash Drop was a specific promotional event, Venmo's commitment to supporting students in their financial journey is evident. With the understanding that student loan borrowing and back-to-school spending can be significant, Venmo has positioned itself as a tool to facilitate not only everyday transactions but also the pursuit of educational goals. Whether it's through instant cash prizes or the convenience of sending and receiving money with peers, Venmo strives to make a positive impact on the financial lives of students.
Additionally, Venmo offers various features that can assist students in managing their finances. With the Venmo Debit Card, users can instantly pay for purchases using their Venmo balance and earn cashback rewards from select brands. The Venmo app also enables easy splitting of expenses with friends, such as shared activities or travel costs. These features not only help students save money but also provide a convenient and flexible way to manage their funds.
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Venmo is a peer-to-peer (P2P) payment app
The app is free to use and available for download on Apple and Google Play app stores. Users must be at least 18 years old and reside in the US or its territories to apply. Transactions between friends and family are typically free, but there may be fees for additional services such as instant transfers to a bank account, which Venmo charges at 1.5% with a minimum fee of 25 cents and a maximum of $15.
While Venmo is a popular way to send and receive money, there are some concerns about scams and a lack of buyer protection. Users should be cautious when sending money to people they don't know, as there may be limited customer service and fraud protection. It is also important to ensure that you have the correct recipient before transferring funds, especially if they have a common name.
In 2021, Venmo collaborated with rapper Jack Harlow to offer college students financial support through the #VenmoU Cash Drop. Students had the chance to win instant cash prizes of up to $500 and a grand prize of $10,000 to help with back-to-school expenses and offset the rising costs of college attendance. This initiative recognised the increasing financial stress experienced by students, with a significant proportion relying on loans to fund their education.
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Venmo does not offer loans to users
Venmo is a peer-to-peer payment platform that allows users to instantly exchange money online, in-store, and in apps. It is a convenient way to pay vendors, friends, and family, especially when one does not have cash on hand. While it is possible to borrow money from friends using the app, Venmo does not offer loans to users.
Venmo does offer a credit card, which can be considered as borrowing money until the bill is due. However, to get approved for a Venmo credit card, one must meet certain qualifications, such as having good credit and being a Venmo customer for at least 30 days. Additionally, Venmo offers instant win cash prizes to college students to help offset the rising costs of education and back-to-school spending.
It is important to note that Venmo does not make any recommendations regarding buying or selling cryptocurrency. While users can buy and sell cryptocurrency on the platform, it is subject to risks and may result in significant losses. Furthermore, any cryptocurrencies held in a Venmo account are not deposits and are not eligible for pass-through FDIC insurance.
In summary, while Venmo facilitates the easy transfer of funds between individuals, it does not offer loans to its users. The platform provides other financial services, such as the Venmo credit card and cash prizes for students, but its main function remains as a peer-to-peer payment app.
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Venmo has more than 60 million users
Venmo is a peer-to-peer payment platform that allows users to send and receive money seamlessly. Founded in 2009, Venmo has grown into a vital part of the social and economic fabric in the United States. As of 2025, Venmo has surpassed 90 million active users, with a projected 100 million users by 2026, solidifying its position as one of the largest P2P payment platforms in the country.
Venmo's rapid growth and widespread adoption can be attributed to its convenience, ease of use, and social features. Users can connect their Venmo accounts to various apps and websites, enabling them to make payments with their Venmo balance or linked payment methods. The platform offers a Venmo Debit Card and a Venmo Visa® Credit Card, allowing users to instantly pay for purchases and earn cash back rewards.
Venmo has become particularly popular among younger users, with the top age groups being 18 to 24 and 25 to 34-year-olds. The platform's social features, such as the use of emojis in transactions, have contributed to its popularity. Additionally, Venmo for Teens surpassed 1.6 million sign-ups in 2025, showcasing strong traction among 13 to 17-year-olds.
The impact of Venmo's growing user base extends beyond individual transactions. In 2025, Venmo enabled $2.45 billion in donations through Venmo for Nonprofits, demonstrating its positive influence in the charitable sector. Moreover, the platform's business adoption rate rose to 47% in 2025, with small and medium-sized businesses (SMBs) reporting increased transaction efficiency and revenue growth.
Venmo has also recognised the financial challenges faced by college students, including the rising costs of tuition, room and board, and other school-related expenses. In 2021, Venmo collaborated with rapper Jack Harlow to offer college students financial support through the #VenmoU Cash Drop, providing instant cash prizes and a chance to win a $10,000 grand prize to help offset education-related costs.
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Venmo offers a Mastercard Debit Card
Venmo, the payment app, has offered financial support to college students through initiatives like the #VenmoU Cash Drop. This giveaway allowed students to win instant cash prizes of up to $500 and a chance at a $10,000 grand prize to help with the rising costs of college in the United States.
Venmo also offers a Mastercard Debit Card, which is issued by The Bancorp Bank, N.A., under a license from Mastercard International Incorporated. This card can be used everywhere Mastercard is accepted, allowing users to spend their Venmo balance funds. The card is linked to the user's Venmo account, and it offers cashback with no monthly fees or minimum balance requirements. Users can earn up to 5% cashback at select merchants, and the rewards are deposited directly into the Venmo account. The card can also be added to digital wallets like Apple Pay, Google Pay, and Samsung Pay, enabling users to earn cashback on mobile payments as well.
The Venmo Debit Card provides easy access to cash through a nationwide network of MoneyPass® ATMs, where transactions are free of charge. Additionally, users can receive cashback with purchases at Point-of-Sale devices if the merchant accepts Maestro® or PULSE. It is important to note that ATM withdrawals, Over-the-Counter Withdrawals, and cashback at Point-of-Sale devices can only be funded from the Venmo balance.
To obtain the Venmo Debit Card, users must have a Venmo account in good standing and open for at least 30 days. The card is currently available to most users, and Venmo is working towards making it accessible to all. The card can be ordered through the Venmo app, where users can choose from various colors.
In conclusion, the Venmo Mastercard Debit Card offers convenience and rewards to its users by providing easy access to their Venmo funds, cashback opportunities, and seamless integration with digital wallets.
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Frequently asked questions
Venmo is a peer-to-peer (P2P) payment app that allows users to send and receive money from other Venmo users via their mobile devices. It can also be used to purchase goods and services from a growing list of retailers.
To make a payment to another Venmo user, input the username of the person you want to pay, the amount, and a note. Then, tap “Pay,” and the payment will immediately go to the user.
You can request payments from someone by hitting the “Pay/Request” button and entering the person’s username, the amount, and a note. Then, tap “Request” instead of “Pay”. The user will get an alert about your request and will have the opportunity to pay you.
Venmo does not offer loans or loan payments. However, you can use Venmo to transfer money to friends and family, which can be used to pay off student loans.
