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Venmo: iPhone money app allows sending money instantly between friends…
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Venmo is a "peer to peer" social community. Venmo streamlines the process of paying back friends. It is an instantaneous and easy to use app. It syncs Facebook friends so it is easy to search and pay or request money to friends. This keeps the app fun and social, reminding users about the peer to peer connection.
The app does not charge interest rates or act as a larger company. It feels transparent and secure. One can transfer money from the app to their bank of choice at any time. Users feel safe transferring money to peers in an open setting because the price is not exposed to others.
On the other hand, Venmo is so transparent and accessible that it forces peers to comply and hold each other accountable. This could relieve tension by receiving money instantly and exactly or it could cause friction because there is no lag time to pay someone back or round the number.
Venmo connects friends easily and removes the stress or inconvenience of paying or spotting friends for money. It keeps transactions secure like one would expect from a trustworthy friend or bank.