The App Venmo Rises in Popularity with Groups of People

Can I Venmo you? is a phrase you may overhear between friends as they are paying for something at the store or a restaurant, but what does it mean? Being able to do everything from a smartphone is becoming easier for smartphone owners, including having the ability to pay back their friends using an app called Venmo. Venmo is a smartphone app that allows someone to pay or charge money from another person. It is linked with the user’s bank

So how does it work? First, download the app and create an account. After the account is created, it will allow the user to submit their bank information.

Venmo has multiple security steps to make sure the account is protected and belongs to the person trying to use it. As Venmo and more apps like it become popular, banks will have to increase their security and improve it.

“Each application has different security issues with how it secures your data,” Starks said. “That problem is one of the things banks have already addressed and will have to continue to address.”

According to Investopedia.com, “Venmo uses bank-level security and data encryption to protect users against unauthorized transactions and allows users to set up PIN code for mobile application use additional security.”

If someone is paid a certain amount, that money goes to their Venmo balance, which can be used for future payments. Or the person can deposit the balance into their bank account.

Venmo is popular among Greek Life, like with the sorority Chi Omega. “I’ve only used Venmo once so far for Chi Omega for an event, but I plan on using it again,” junior Elise Beaudreau, sisterhood director of Chi Omega, said.

“It makes it very convenient for me because when I have to collect money from our members; it saves me a lot of time as opposed to meeting with every sister that owes money.

It also allows me to get the money faster than I would in person.” It is not only helpful and convenient for people in leadership roles to collect money but also for members of Chi Omega.

“Venmo makes it really easy to pay for things when you can’t get to the person in time,” sophomore Sydney Della, a member of Chi Omega, said.

“For example, if we order a sweatshirt, instead of hunting down the person who is in charge, we can easily just send them money quick and simple!”

Another way Venmo is useful is for collecting rent between roommates. “My roommates and I use Venmo for rent and utilities,” sophomore accounting major and Falcon’s Pointe resident Haley Doski, said.

“My three roommates Venmo me their share of the rent and utilities and then I write a check and give to Falcon’s Pointe. It makes it so much easier to collect our money and it’s all in one place.”

To begin paying and receiving money, the user taps the icon in the top right