What is Venmo?

Venmo is a mobile payment service that is owned by PayPal. It allows users to transfer money to one another using a mobile app, making it convenient for personal transactions such as paying friends for dinner or splitting costs for shared experiences. Venmo facilitates peer-to-peer money transfers while incorporating social features, such as the ability to add notes and see friends' transactions on the app's feed, which contributes to its popularity among younger users.

The other options do not accurately represent what Venmo is. It is not primarily a social networking app, online banking system, or a cryptocurrency platform, as its main function revolves around facilitating direct monetary transactions between users.