Venmo

How challenging has it been in the past to share a meal with a group of friends or coworkers? Nothing affects a divine restaurant experience like the dreadful talk of equally dividing up payment. With physical cash a distant memory for most and only a gifting method preferred by the tooth fairy the digital banking app Venmo is streamlining the way that we handle the distribution of financial obligation & payments. Venmo is part social media and part secure banking network. Allowing any user with a debit card to seamlessly transfer money to virtually anyone worldwide via app.  Venmo syncs with other social media apps like Facebook providing you access to newsfeed of friends who are also utilizing Venmo.  Venmo has made spending money fun, the platform allows users to unapologetically publicize each money transfer with a text statement that will publicly post on your timeline. With the largest percentage of users being ages 18-30 it’s opened up a whole new world for social sharing.

Although this is technology that could be comparable to mobile transferring between major banks like Chase and Bank Of America the non-threatening attitude of the app promises users the easiest transfer. With checks already a thing of the past, people are continuing to praise the app for the abilities to transfer large funds for payments of household bills and rent without a delay or interest rate. It’s a convince factor which allows people to be more financially responsible and respectful.

Wherever consumers go, merchants are likely to follow. Venmo provides instant publicity to friends of customers utilizing Venmo at restaurants and stores worldwide.  The company is expected to expand their marketing strategies to provide visuals along with the text in the news feed to help enter new markets and attract the attention of international chains. Five months after launching in 2012, Venmo was acquired for $26.2 million by Braintree. The company handles payments for Uber, Airbnb and LivingSocial. Collectively, Braintree companies are responsible for over $8 billion in payments a year. The app continues to grow at a 15% rate every month.  Bill Ready, CEO of Braintree explains how the company profits “We make money when merchants use us to accept payment but we don’t charge consumers for that.”  

Although the company won’t release its actual percentage of users to the public the platform continues to make a growing presence in the app world. Venmo is also anticipating the idea of revolutionizing civic responsibility between its young users. Marketing specialists of the company anticipate a donation feature to help easily support charities that utilize the Venmo platform. Why do people love Venmo? It’s fast, free of high percentage rates and fees and lets you connect financially with your existing social media networks.