College Students don't have it all when they're in school. Most religiously save any money they earn, accumulate debt through student loans, and do enough studying to do well. With all that studying, it can be hard to find time for even a part time job. That means it difficult to easily pay for things with cash all the time, and that means one student often gets stuck with the bill and has to split it later. But a relatively new app, called Venmo, has changed all that.
How Venmo is Changing Student to Student Transactions.
Any college student who goes out to lunch or dinner with a group of friends knows that paying for the meal at the end is a headache.
Splitting the check is a nightmare, as people buy dinners for different amounts, and only select restaurants are even willing to do individual checks. That makes Venmo the ideal option for college students who go out to dinner. One person pays for the entire dinner, and is reimbursed later on by their friends for the meal. This makes the tip calculation easier, and it makes everybody's life, including the restaurant's, far easier.
And this concept doesn't apply to only dinners as well. It also applies to any idea where college students share money. Uber, the transportation app, is another great example of a system that allows students to swap money easily. Anytime a college student goes somewhere with his/her friends in a Uber, they have to pay and split it.
Uber features a split feature, but it costs money to use. Instead, students can simply pay the one person who payed for the Uber via Venmo.
An Innovative Way to Use Money.
There's a reason why so many Young People use Venmo to conduct transactions. It's easy, it's simple, and it causes pretty much no disputes. There's no waiting on payments when it can be requested electronically, so no need to hound that one friend who still owes you money from dinner about a week ago.
That's one of the best things about Venmo, and that's why it's taking the world by storm.
According to one study, 20% of young people haven't spent more than $5 on a cash purchase in the last week. Money is electronic now, not paper, and Venmo exemplifies that transition. It's made things both easy and simple for everyone, and even some adults have caught up on the fad.
However, although Venmo might be great for small transactions between friends, it's not particularly good for large ones. To get money out of Venmo, it's necessary to link a bank account, and Venmo has had security issues in the past. It's not all perfect for the company, although it really has had a huge impact on the way college students pay for things.
