The new technology app, Venmo, was introduced to me recently by my youngest daughter, a busy medical student always short on cash and juggling a busy schedule. She kept telling me it would be the perfect way for me to send and receive payments. For example, I could easily send her money for a Starbuck’s run or midnight sushi, if I was ever so inclined. The more she talked about it, the more curious I became. After a bit of research, I discovered Venmo’s name was derived from the Latin word vendere which means “to sell,” put together with “mo” which is short for mobile. The developers and creators of this revolutionary web 2.0 tool are Andrew Kortina and Igram Magdon-Ismail and is owned by PayPal. Venmo became available in 2009 and is a convenient way for users to send and receive money with just a couple of clicks on their iPhone or similar device without any fees. For instance, the busy mom can split the lunch tab with her old college roommate then pay the babysitter without having to remember to stop by the ATM on the way home. Similarly, college students can share a purchase with a friend or get some needed funds in a split second from dad’s account.
There is also a social media aspect to all the transactions. A newsfeed reveals to users where contacts are spending money as well as “like” or comment on shared purchases. For instance, I decided to try the salon down the street simply because I noticed a friend of mine paid them for services and even commented that her hubby loved her new “do”. Businesses are benefiting from getting some free marketing and an expedited system for completing customer billing. Also, requests for payment may be made for services or money due. Each user must link a bank account to the app and may only send and receive money with other users. In 2019 a credit card was made available for order. Venmo makes a 3% profit when it is used. You even get to choose the color of your card; I chose yellow. Currently, the technology is only for those located in America. After having used my Venmo account for a few months now, I must say it has made life easier for my small business needs. Just a quick swipe or two and the money is received or sent. And, yes, I have unregrettably sprung for a few late night study breaks for one deserving med student who needed a little encouragement.
