Venmo: The Monetary Move For Millennials
Start writing a post
Lifestyle

Venmo: The Monetary Move For Millennials

If you haven't gotten the free app yet, here are reasons why you should.

155
Venmo: The Monetary Move For Millennials
Shelby Kislowski

Imagine this: You and your college friends are going out to eat. The four of you squeeze into a taxi to hit Main Street for some deep dish pizza and some drinks. Halfway to the destination, you realize that you forgot your wallet. Rather than turning the car around, you simply pull out your phone and pay your friends the difference back. But how?

Well, if you haven’t heard by now, there’s another app out there that makes exchanging money easy for those who are constantly running to the ATM to get out more cash or forgetting their wallets. If you have heard of it, you probably heard it used as a verb: "Why don't you 'Venmo' me." The same way that Google has become a verb itself, the concept of Venmo really began growing in popularity in 2017.

The “new” app is called Venmo, but most people don’t know that this app has actually been in the works since 2009 by creators and friends Andrew Kortina and Iqram Magdon-Ismail. Magdon-Ismail and Kortina first met as freshmen roommates at the University of Pennsylvania, and their app stems from the origins of being traditional college students. Magdon-Ismail forgot his wallet on a trip to visit Kortina, and instead of taking this opportunity as a loss, the duo decided that it should be easier to make transactions without their wallets. They then began developing a prototype of Venmo in 2009 that relied on transactions through text messaging, growing to become the mobile app that college students, that resemble Kortina and Magdon-Ismail themselves, seem to rely on more heavily in 2018.


The Android and iOS compatible app resembles a business model like Paypal, who actually acquired Venmo’s first buyer, Braintree, in 2013. Since then, Venmo and Paypal have worked together to allow transactions to not only be made between friends, but also from merchants to consumers. This increase in use holds a promising future for Venmo, aiming to reach a multitude of businesses by the end of 2017. By calling itself a “digital wallet,” its simplicity can be captured by those who want simple transactions between friends, while not involving the ATM.


Venmo combines social media with the exchange of money, a perfect target for a millennial-aged and Gen-Z market, although the app is easy to use for any age. Simply create an account, set up a payment method (credit or debit cards are accepted), and begin using the app! Find your friends by using contacts or search their usernames. Make a transaction and leave a note or emoji that indicates what you’re paying your friend for. Upon this, you can “like” or “comment” on a transaction, demonstrating the social aspect of the app.

After making a monetary exchange, you can request for the money to be deposited into the bank account that you have on file. Anyone who has used the app can testify the simplicity of the transaction process and Venmo is already working on their techniques for speeding up the deposit process.

If you aren't convinced yet, be sure to try it out yourself for free on the App Store or Android Market.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

49191
college students waiting in a long line in the hallway
StableDiffusion

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less
a man and a woman sitting on the beach in front of the sunset

Whether you met your new love interest online, through mutual friends, or another way entirely, you'll definitely want to know what you're getting into. I mean, really, what's the point in entering a relationship with someone if you don't know whether or not you're compatible on a very basic level?

Consider these 21 questions to ask in the talking stage when getting to know that new guy or girl you just started talking to:

Keep Reading...Show less
Lifestyle

Challah vs. Easter Bread: A Delicious Dilemma

Is there really such a difference in Challah bread or Easter Bread?

31279
loaves of challah and easter bread stacked up aside each other, an abundance of food in baskets
StableDiffusion

Ever since I could remember, it was a treat to receive Easter Bread made by my grandmother. We would only have it once a year and the wait was excruciating. Now that my grandmother has gotten older, she has stopped baking a lot of her recipes that require a lot of hand usage--her traditional Italian baking means no machines. So for the past few years, I have missed enjoying my Easter Bread.

Keep Reading...Show less
Adulting

Unlocking Lake People's Secrets: 15 Must-Knows!

There's no other place you'd rather be in the summer.

955000
Group of joyful friends sitting in a boat
Haley Harvey

The people that spend their summers at the lake are a unique group of people.

Whether you grew up going to the lake, have only recently started going, or have only been once or twice, you know it takes a certain kind of person to be a lake person. To the long-time lake people, the lake holds a special place in your heart, no matter how dirty the water may look.

Keep Reading...Show less
Student Life

Top 10 Reasons My School Rocks!

Why I Chose a Small School Over a Big University.

180270
man in black long sleeve shirt and black pants walking on white concrete pathway

I was asked so many times why I wanted to go to a small school when a big university is so much better. Don't get me wrong, I'm sure a big university is great but I absolutely love going to a small school. I know that I miss out on big sporting events and having people actually know where it is. I can't even count how many times I've been asked where it is and I know they won't know so I just say "somewhere in the middle of Wisconsin." But, I get to know most people at my school and I know my professors very well. Not to mention, being able to walk to the other side of campus in 5 minutes at a casual walking pace. I am so happy I made the decision to go to school where I did. I love my school and these are just a few reasons why.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments