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UPDATE 1-PayPal says U.S. consumer watchdog investigating payment app Venmo

UPDATE 1-PayPal says U.S. consumer watchdog investigating payment app Venmo

· 02/05/2021 07:10
UPDATE 1-PayPal says U.S. consumer watchdog investigating payment app Venmo

Adds background on Venmo

- PayPal Holdings Inc PYPL.O said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo's alleged unauthorized fund transfers and collections processes.

The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. (https://bit.ly/3tsOHn1)

Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc SQ.N.

In the fourth quarter, Venmo, which has been part of PayPal since 2013, processed about $47 billion in total payments volume, up 60% from last year.



(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

((Niket.Nishant@thomsonreuters.com;))