App of the Week: Venmo – The Fun and Easy Way to Make Payments

by rocketmatter-admin October 25, 2013

No, it’s not Paypal. It’s better. Venmo makes transferring payments and dealing with bank transactions actually kind of fun by introducing hints of social media.
Venmo links to your bank account or a debit card for free (takes 3% for credit card) and to your Facebook account so you can easily pay friends, coworkers, family members, or even landlords with a couple clicks.
The social media aspect comes in when you arrive to your home page, where you can see how all of your friends are making transactions. Sound too public? You can turn this off in the Settings page; Venmo says they just include it to introduce new users to all the ways they can use the app.
Of course, the professional world has much different uses for Venmo than us college students. While we’re Venmo’ing a couple dollars here and there for eating part of our friend’s Ben & Jerry’s pint, it also can (and probably should) be used for paying bills and sharing fancy dinners.
Your information is protected by a 256-bit encryption, so no need to worry about sharing your banking account or credit card. I find Venmo to be an incredibly useful app and sadly get kind of excited to check and see if anyone has Venmo’d me.
ABOUT THE AUTHOR:
Dean Meisel, a rock star Rocket Matter intern, is studying Economics at Northwestern University. He is from Boca Raton, FL and dabbles in writing, having contributed to numerous school publications since high school.
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