I recently joined the new Venmo wave, and I’m wondering why I didn’t sooner. Venmo is the newest trend for paying your friends and family back in a quick, easy, and stress-free way.
Many describe Venmo as a digital wallet. The app allows you to make transfers from your own bank account to other individuals. However, the transfers are not directly from bank to bank. First, Venmo users must connect their bank account to the app. Once they do this, they can transfer money to another Venmo user, that money is then transferred to the individual’s Venmo balance on the app. To get your money into your bank account, you have to transfer your Venmo balance to your bank, or you can leave the money on your Venmo and use it to pay other people.
As a high school student, Venmo is a blessing. Venmo makes repaying my friends for food or giving them gas money super easy. I not only use Venmo with friends, but the app is also a convenient way for my parents and family members to provide me funds. Since only my mother and father have direct access to my bank account, I downloaded Venmo to receive money from my grandparents, sister, and other family members.
The app is just as popular amongst adults as students. Many adults use the app to split the dinner bill, Uber fare, or the costs of many more group events. The hassle of finding time to pay back the friend who picked up the check is now gone. With Venmo, the chance of getting in an argument about being repaid is gone as well.