PayPal will increase the withdrawal fee for mobile payment application Venmo

Mobile payment company PayPal will increase the fee for its mobile payment application Venmo,to make the app profitable in the fast-growing, the news immediately triggered a rebound in the user’s social media to complain.

According to Bloomberg, PayPal announced that it will increase the VENMO fee for mobile payment applications since November 6, when Venmo’s account holder uses the Quick transfer function to transfer money to a bank account, a 1% handling fee will be charged, a minimum withdrawal fee of $0.25 per transaction is applicable.

A PayPal spokesman said the adjustment reflected the value of the Venmo service, providing fast and convenient services to customers wishing to transfer funds to their bank accounts in 30 minutes or less.
Venmo, which is popular with young smartphone users, has been a valuable growth driver for PayPal and has brought it steady volume. But Venmo has never been profitable, and PayPal is working to change that.

Venmo users were annoyed at PayPal’s efforts to make money from them, and they were outraged. Moreover, information about which transactions require fees remains unclear.
Many Venmo users have complained on Twitter and said they want to delete the application.