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The company’s move into check cashing doesn’t make the peer-to-peer payment app an alternative to online banking, however. Instead, it serves largely as a way for Venmo to benefit from the influx of stimulus payments that are rolling out now to its U.S. users.
“We know that with health and safety top of mind for many, having a safe way to access stimulus payments is essential for many of our customers, especially those who are receiving paper checks and traditionally would have to visit a physical check-cashing location,” he said. “By introducing the Venmo Cash a Check feature, we are not only enabling our customers to access their money quickly and safely from the comfort of their own homes but are also waiving all fees for cashing government-issued checks to ensure customers can use their stimulus funds to pay for the things they need most,” he added.
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