July 25th, 2013 dd:Social: The Future of Mobile Payments

On Thursday July 25, OLC attended Digital Dumbo’s dd:SOCIAL - "The Future of Mobile Payments" Presented by Venmo. The event featured an enlightening presentation from mobile payment company Venmo, as well as plenty of networking opportunities.
dd:Social continued its usual entertainment-mixed-with-education event series with this evening’s presentation by Venmo. The theme of the night was mobile payment, and Venmo fit the bill. The company operates with a simple mission: To connect the world and empower people through payments. 
Venmo allows users to pay friends (chosen via contact info, Facebook, email) by simply texting an amount and choosing pay. The innovative platform features “bank-grade security systems and data encryption”, to protect against faulty transactions and Identity theft. It also comes with zero processing fees, and moves money within the day – unlike its competitor, PayPal.  
Venmo even allows users to charge a contact, rather than pay them. 
This opens a world of options as far as mobile payment – impromptu gifts, business transactions and a whole host of other payment needs.
The company also showed Venmo Touch, which allows developers to add one-touch payments to their applications. It is in conjunction with digital payment company Braintree. 
When customers use an app in the Venmo Touch network, they are able to save their credit card information. The next time they make a purchase inside any other app in the Venmo Touch network, they'll be given the option to re-use that same card with one touch. This prevents having to type it in again, leading to ease of transaction and greater customer satisfaction.  Venmo Touch was released publically this past April, after earlier beta testing.