Digitally spending money is becoming more efficient due to an increase in user-friendly technology. With the popular app, Venmo, students are able to spend and send money through mobile phones.
By Olivia Smith, ’20
Venmo is an app created for the purpose of digitally sending and receiving money. The app was created in 2009 and it is owned by the company PayPal, an American company that allows users to make online payments. They serve as an electronic option for making purchases. Similar to PayPal, Venmo account holders are able to make purchases through their phones.
Once a Venmo account is setup, account holders are able to transfer funds to other account holders within the United States. Users can put money directly into Venmo by linking a bank account or debit card. Additionally, money can be moved from Venmo into a bank account. The Venmo MasterCard within the app allows users to track what they buy and where their money goes. However, Venmo isn’t a credit card, so there are no annual fees or credit checks. In a voluntary Arlingtonian survey, out of 101 respondents, 86 percent said they had heard of Venmo, while only 43 percent of respondents have used it.
The app combines social media and banking by allowing users to connect with friends. Likewise, users can connect with friends by sending them messages, birthday gifts, or money. In the same survey, 57 percent of students said they use the app for paying for food and services and 37 percent use it for splitting bills. When a purchase is made, users can add notes to payments along with liking and commenting on other friends’ stories.
Purchases at shops can be made with the app when the store accepts Venmo. Splitting bills with friends is frequently occurring due to the availability of sending money to other users. Venmo takes structure very seriously by ensuring that each transaction is protected. 26 percent of respondents rated Venmo five out of five stars. 52 percent of the surveys respondents rate Venmo four out of five stars with the last 38 percent rating the app with three stars or lower.