Venmo Proves Why Cash May No Longer Be King

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April 25 (Bloomberg) -- Bill Ready, CEO of Venmo, discusses the company's payments app with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Remember your mobile phone.

Joining me now to help us understand the future of money and mobile payments is bill, the chief executive of braintree.

Great to have you with us.

Explain what exactly is venmo?

What are you trying to do?

So venmo is one of the top rated finance apps in the app store and it makes it really easy for you to pay your friends from a mobile device.

As well as making it very easy for you to pay in all your favorite mobile apps.

How do you do this?

What does it connect to?

Well, so if you're a user of venmo it's easy for to you pay your presents from your mobile device and they -- pay your friends from your mobile device, but there's also -- you can have a conversation with them arm the things you're paying for.

We see a lot of things that people make payments about are generally social experiences.

You're out at dinner, fantasy football league, things like this where it's a social experience going on with the payment that you're making.

As well as we saw the people really wanted to have a seamless way to pay in other apps.

So we've done both of those things with venmo.

Bill, how does it actually work?

As i said, what is it -- does it connect to you?

Don't own a visa payment system or a bank network.

Somehow or other you have to connect to something and i think you're part of the ebay empire, right?

Ebay ultimately owns venmo.

That's right.

You can link venmo to any u.s. bank account, deb or credit account -- debit or credit account.

It makes it easy for to you pay anybody else who has a u.s. bank account, for them to receive funds.

So right now u.s. only.

But certainly thinking about how we can expand even further beyond that.

So would it be pay pal but for -- paypal but for

This text has been automatically generated. It may not be 100% accurate.


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