back to article PayPal probed over Venmo cash-flinging app

PayPal says it is under investigation by the US Federal Trade Commission (FTC) for alleged "deceptive or unfair practices" involving its Venmo app. In a filing with the SEC, the online payment giant said it has received a "civil investigative demand" from the FTC last month requesting documents and answers to a series of …

  1. israel_hands

    Am I the only person thinking this could be a fucking useful app (and it's not often I say that).

    Why isn't this one of those multi-billion unicorn things? It's useful, free to the end-user and looks like it can actually cover its costs (with the whole business charging thing).

    OK, you've got to deal with Paypal, but still, it's a cracking idea for an app and I can see it (or something similar) being really useful if you get enough density of users.

    Anyway, no idea why its being investigated. Possibly because it causes banks to be unable make micro-interest payments from shuffling electrons-representing-money about. Or it does something really fucking nasty.

    1. DryBones

      Seems similar to Google Wallet? *shrug*

      Yes, I trust Google more than PayPal.

  2. Anonymous Coward
    Anonymous Coward

    Paypal bought Venmo?

    C'mon FTC, break up this fucking monopoly.

    1. Anonymous Coward
      Anonymous Coward

      Re: Paypal bought Venmo?

      Wait until Facebook buy the lot...

  3. Rol Silver badge

    My first thought was that...

    ..the competition being beaten on price, had no other recourse than to set the dogs of law off their leash.

    because nothing kills a good idea faster than an upset competitor with a fistful of lawyers.

  4. Jan 0
    Joke

    That's a lot of profit for Braintree

    Does that mean that Braintree residents won't need to pay any Council Tax for a year or two?

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