Venmo, like many of these services, earns income in transaction fees and on interest on the float. It makes all the sense in the world from the business side to

Venmo, like many of these services, earns income in transaction fees and on interest on the float. It makes all the sense in the world from the business side to encourage users to treat Venmo like a proper bank account. From the user side, it's interesting because it would allow one to spend money directly from the Venmo account without having a bank account at all. Not sure who operates that way, but if it's even 1% of their users that might be 100K people or so.