Question

Does venmo fulfill the role of a medium of exchange? Does it matter for your answer that many retail stores won't accept it in payment for goods and services?

Answer 1

It should be stated right away that Venmo is not a medium of exchange in and of itself. It is nothing more than a digital payment platform. Money is still the medium of exchange.

Many retail stores don't accept Venmo as a medium of exchange because Outside of Venmo, your bank or card issuer has declined the transaction. The payment has triggered one of Venmo's automated security flags. Technical issues can range from a slow internet connection to bugs in the Venmo app. Networking issues are a common reason why a Venmo payment fails.

If your company has unusually high transaction volumes, your Venmo account may raise a red flag. Sudden bursts of activity may indicate fraudulent transactions, implying that hackers have taken over your account. Venmo may refuse payment processing until you speak with customer service and confirm the activity is legitimate. Besides Venmo there are many other digital payment platforms.

Learn more about digital payment platforms here:

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