Thu10192017

Last updateWed, 18 Oct 2017 8am

Lifestyles

“Just Venmo Me” Millennials’ Preferred Payment Method

Millenials Prefered Payment MethodVenmo is one of the most popular apps used by millennials, according to an article published by Business Insider. The app comes in third  alongside Snapchat, GroupMe, and SoundCloud. Venmo, which created in 2009, is owned by PayPal and it is a way to send people money efficiently and instantaneously to anyone, anywhere.

Venmo allows you to link your bank account to the app, but don’t worry because within the app there is data encryption, which keeps all your financial information safe. Once it has been linked, you can choose a friend or family member to send the money to. Going to grab a bite with friends but don’t have enough cash on hand for your meal? Venmo your friend who covered the rest for you. Want to send a family member some birthday cash? Venmo them any amount with a cute birthday message. Ever had to borrow money and need to pay someone back? Venmo them.

Claude Taylor, a professor of communication is highly interested in what the app means for the future. “I support the general idea of virtual payments, but I am also very concerned about the continued erosion of privacy that go along with it.” Taylor continues, “It is even easier for retailers and big data companies to track how much money you have, how you spend it, and who you may give it to. Yes, it is super convenient and fast to go cashless, but I wonder if the digital currency trade-offs are worth the increasing loss of privacy.”

Natalie Toro, a junior Biology student, only used the app once to buy a shirt from a friend. “My friend thought it was safer to use, so she wouldn’t lose any money through the mail. I would rather use my credit card or cash. If anyone were to take my phone and see the app, they could just transfer my money at any time. So I used it only that one time and deleted it.”

This simple and easy payment method is favored by young adults due to its convenience and social aspect. College life can be difficult and it is easy to forget your wallet or cash, so Venmo is useful when those moments occur.

Joy Morgan, a junior communication student, said, “Venmo is popular among millennials because people don’t normally have their credit cards or cash on them. If you go out to eat with friends and do not have the money, a friend can spot you and then you can Venmo them.”

While the app is efficient and easy to use, there are other reasons why it is so popular with millennials. Venmo allows you to do a lot more than just pay someone back; it has a very social media-like aspect. You can send messages, emojis, and see personal information about your fellow Venmo users, like what they purchased, who they send money to, and even who they are dating.

As if Venmo isn’t already popular enough, the app’s creators and PayPal’s CEO, Dan Schulman, are coming up with ways to make it even more prominent. By 2018 or 2019, Venmo users will be able to make purchases both online and in store.

So, in the meantime, if you share an Uber with friends or don’t have enough cash for an acai bowl at Playa Bowls, Venmo has you covered and it always will have you covered.

IMAGE TAKEN by Alexandria Afanador

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