When someone is referred to Venmo both parties receive $1 into their Venmo account which is essentially cash! Venmo is an online mobile payment company which allows users to send payments back and forth among their friends. Venmo is a similar service to Chase Quick Pay or Paypal. Venmo has both an app and web version that can be used to pay and receive money. Users can set up a bank account where their money will be automatically withdrawn from or keep cash in their venmo account to specifically use.