PayPal and Venmo. What’s it all about?

Joseph Liebreich
Aug 23, 2020 · 3 min read

There has been an explosion of ways to pay our bills and to transfer money between accounts. Before computers, we used to look for our checkbook and pen. Write a check. Find an envelope and address it. Search for a stamp and mail it. When computers came along, we transferred money electronically by ETF, electronic funds transfer. Credit and debit cards also became common ways to pay bills. A debit card is like writing a check; money is taken directly from your checking account. A credit card is like taking a loan. We pay the loan back at the end of a short period, or we carry the balance…