Venmo, the person to person payment app, has turned the age-old tradition of not talking about $$ on its head. The baby boomer’s checkbook ledger has become a millennial social media platform by filling the memo field with emoji inside jokes. Via the newsfeed of payments, we can relive our– and our friends’– weekends, plus prove once and for all who is the most clever by making a funny out of necessity spending. The one thing left to the imagination is the payment amount.
Previously, I was having a love/hate relationship with Venmo. And then I overshared, which changed my perspective.
Love: Easy, fun, and social.
Hate: Non-FDIC insured, possibly creepy, and rumor has it not secure.
When I foot the bill, there is no excuse to not get reimbursed. Yet, I am weary of keeping money in a non-FDIC insured account, so I cash out with each payment .
Venmo has become my social network du jour. Emojis and inside jokes, what is there not to like? The exchanges are one-to-one like Snapchat, but the newsfeed is public like Twitter, best of both worlds I say.
I overshared when I charged my bestie $1 for an emergency piece of gum before her “date” with her “friend” that she was hoping to turn into more. Naturally, I was enacting surge pricing and the public memo was two kiss-y faces followed by praying hands…which initiated a paranoid panic attack before the meetup. I apologized as much as I could… to no avail… and I sent her on her way….
Weeks later, I learned that the date really did turn into a date, and my bestie admitted my minty gum did do the trick.Regardless, I learned my lesson. And I read this Quartz article to cut out my questionable social sharing. Plus, I read this Slate article about security concerns
Now, I’m thinking twice before I share. And I am using Venmo as my social spending account. I have disconnected my bank account to cut down on security risk and I use my Venmo balance towards my social spending. Yet, Venmo is making security improvements. Plus, a little brother app called Facebook Messenger just added payments. FB has the payment surrounded by conversation, instead of a stingy memo. There will be growing pains, but the competition will ensure payments continue to be easy, fun, and social!