Venmo is a Peer to Peer banking software that allows to exchange payments among your friends. The app links your Facebook friends and email contacts to your bank account. Venmo will allow users to create a group account to make group transactions easier, faster and hassle free. Venmo clearly identified the current problems with group payments that include lost checks, delayed payments by group members and complicated spreadsheets. Venmo’s group accounts will help users easily pay dues, issue reimbursements or collect money for an event. This new feature also has an option to have admins for the group who can manage and supervise the transactions. It’s new feature targets various clubs, committees and even office groups.
Vemo has even managed to reach coveted verb status (“I’ll Venmo you later, thanks for picking up those 4 gin & tonics!”). Part of what sets Venmo apart? They don’t take themselves too seriously.
Venmo knows its young, tech-savvy audience and actually manages to turn IOUs into social activity, allowing users to post notifications of their payments publically or privately. Emojis, clever quips, and inside jokes are commonly posted alongside payments, as paying back friends turns into a laugh alongside a Lincoln (digital, of course).
Venmo has transformed how many mobile users settle tabs with their friends – from rent and concert tickets to dinner and drinks and is the latest heavyweight in the P2P payments system