Another revolutionizing application has made it in the every day use of young adults all over the country. Venmo is a money transferring application that simplifies the problem of paying a friend or family member back. The application directly links to your bank account and can transfer money into anyone who also has the applications bank account. This has become increasingly popular on college campuses. I have personally used the application to pay back friends when they have loaned me a few dollars.
This application simulates how consumers interact with businesses and make it possible for two normal people to interact in the same way. Usually now everything you buy from a large business is through a credit card, no money is involved. This application allows for no money to be involved when paying another person.
This application has huge personal and societal implications. Paper money continues to seem more and more obsolete with the creation of applications like this. This can be heavily related to when the credit and debit cards were invented. It made the process of a transaction quick and easy and Venmo is improving that process in a different aspect. The need for ATMs is going to continue to decrease with the ability to transfer money electronically to anyone in any situation. This is going to discourage people from every having any paper money on them, and is going to continue to shift more and more power to your smart phone.
This may seem amazing, however, a few security problems have risen from this. It has become easier for hackers to gain access to peoples bank accounts through this application. It isn’t 100 percent clear as of now how most hackers are able to gain access, but a solution needs to come quick if people are going to continue to trust this application and if Venmo wants to continue to revolutionize how Americans use money. If the power of your money is all going to be on your smart phone security is going to have to greatly increase.
Even with these problems Venmo has the potential to connect communities from all over the world. It can make buying tickets from someone across the country an instant transaction. It is an amazing technology that needs to continue to develop.