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Thanks to Venmo, We Now All Know How Cheap Our Friends Are

nytimes.com

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Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#191

Post by gonehome »

thanksgiving wrote: post #147
jamescostian wrote: post #129

Earlier quoted context omitted.

I'm 19 and most people I know use Venmo. I'm curious - around what age are your friends? My parents don't know what Venmo is, and I don't think many of their friends (most in the age range of 40-60) do either.

> I'm 19 and most people I know use Venmo. I'm curious - around what age are your friends? My parents don't know what Venmo is, and I don't think many of their friends (most in the age range of 40-60) do either. Made in 1987 here. I have Paypal as well but I prefer Google Wallet. Google Wallet is directly connected to my bank account. I don't trust Paypal to connect it to my bank account. Why would you trust Venmo wi…

Venmo was bought by Braintree which was bought by PayPal so venmo is basically PayPal now anyway. Everyone I know also uses venmo (Bay Area tech employees in their twenties).

I prefer square cash, but this entire app ecosystem only exists because American banks don't allow free wires for some reason.

The only people I know who use google wallet are google employees.

As far as trust there's pretty limited risk, lots of protection/laws around bank access and easy to audit.

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#192

Post by Sir_Substance »

regulation_d wrote: post #164
Sir_Substance wrote: post #149

Earlier quoted context omitted.

>Even if I didn't feel awkward, with Venmo and Square Cash, I have all the information I need if either we're FB friends or have their email address. Unless you want to send money to someone who isn't using those services.

For sure. But almost everyone I know has one or the other, if not both. That kennitala system sounds really cool, especially if people are conditioned to pass around their account number. I just found that when I would try to send electronic checks here, people got weird about handing over their routing and account numbers. Sometimes I would even say, "You know, the numbers that are on every check you've ever issued.…

>That kennitala system sounds really cool, especially if people are conditioned to pass around their account number.

>I just found that when I would try to send electronic checks here, people got weird about handing over their routing and account numbers.

I think that uncertainty is definitely part of the problem. The criticality of keeping an SSN secret whilst paradoxically sometimes having to have it on hand to give to specific authorized people seems like a recipe for paranoia.

The honest truth is I don't know if US bank account numbers need to be kept secret. I would hope not, but I also wouldn't be that surprised if someone told me they did. I can understand people taking a defensive stance, but the fact that there is space for services like Venmo to exist is a direct sign that US banks are dropping the ball. Sending money between eachother more easily than using cash is practically the reason banks were invented (although certainly not the reason they are so big right now[1]).

That wouldn't bother me so much, except we've already been down this path. Paypal has rubbed it's name into the dirt by using it's position as an unregulated psudobank to "hold funds for investigation" and gather the interest, or to unilaterally close accounts and thus implicitly seize the funds within.

The idea of a vendor-locked payment system taking root really sits ill with me. It could cause major problems with paying rent or receiving wages for people who don't, won't or can't use compatible smartphones.

[1] https://www.youtube.com/watch?v=-09ap6zIB6I

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#193

Post by PKop »

tedivm wrote: post #22

I have never disagreed with something so much. While I'm financially not doing so bad, I grew up poor. When I was college age going out with friends was complicated- if we all handled our own bills it was one thing, but when I'm not drinking and only eating cheap food to save money splitting the check would literally mean I'm subsidizing other people friends and could be the difference between being able to afford to…

Agreed. In my experience, the only people who ever get upset about dividing bills accurately (fairly!) are people who have money and don't care.

Why expecting people to pay what they owe upsets so many people I'll never understand..

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#194

Post by chipperyman573 »

jchw wrote: post #78

I'm reading this as someone being upset that they were asked to pay for what they ordered, with the excuse that the app somehow makes the world less "chivalrous." I say whatever. I'm not friends with people because I trade off doing nice gestures. Some people account for their money and would greatly prefer to balance the books. Fine. Is it really a big deal to pay what you owe? It's not like they asked you more effo…

Thank you. A lot of people on here seem to forget that not everybody has six-figure tech job. I write down every single one of my expenses and every single penny I earn in my budget. An unexpected $25 can really throw me off.

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#195

Post by jgh »

rc_kas wrote: post #117
extr wrote: post #77

Young millennial male, every single person I know uses Venmo. IMO this article largely misses the point of the app. It's replaced cash/checks is all, it's not some huge social upheaval in the way we use money that needs to be analyzed. In my experience it's rarely used for splitting bills for dinner or picking up bar tabs (I can't remember the last time I went somewhere that wasn't able to split the bill on their end…

"every single person I know uses Venmo" How does that happen. I don't know a single person who uses Venmo. Not one. I know a lot of people and I work in Tech.

I know lots of people who use venmo, in tech. (LA)

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#196

Post by Insanity »

I had never even heard of this app. Yet it seems to be for people in my generation (25). I'm really happy that this is not something that happens in my social circles.

Could be a cultural thing. Most of my social circles involve Latin American people, which is quite a mindset difference from the standard European / American mindset.

Though, even with my European friends this does not happen. I don't mind having paid more than one of my friends at the end of the evening, it'll even out eventually.

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#198

Post by ashark »

dgacmu wrote: post #116
Sir_Substance wrote: post #81

Earlier quoted context omitted.

>Young millennial male, every single person I know uses Venmo. Young millennial male, I'd never heard of this thing until now. These things tend to be emblematic of poor local banking infrastructure. This reminds me a lot of echocash[1]. [1] https://www.econet.co.zw/ecocash/

Distinctly non-millennial, creaky, grumpy middle aged fart here: venmo (and Google wallet) are great. Paying the babysitter? 10 seconds to find out their venmo username. Check that the picture looks right, send. Much easier than the alternative US bank-based solutions such as popmoney. Much less hassle than keeping cash around.

Maybe it's a regional thing? Almost no-one here uses Venmo. I mentioned it around my friends the other day and they'd never even heard of it. 2-3 people at my office use it semi-regularly but that's how they are--trying out almost any new app for anything. For all I know they've dropped it and are on to something else now.

If I tried to pay anyone with it I can guarantee they'd say (a more polite version of) "WTF is that? No. Do you have money? Try money."

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#199

Post by ducttapecrown »

almostApatriot1 wrote: post #183
rc_kas wrote: post #117

Earlier quoted context omitted.

"every single person I know uses Venmo" How does that happen. I don't know a single person who uses Venmo. Not one. I know a lot of people and I work in Tech.

I've heard there's a West Coast/East Coast divide when it comes to Venmo with it being much more popular on the east coast.

It's really big at my large (10k - 30k) state university in California.

Re: Thanks to Venmo, We Now All Know How Cheap Our Friends Are

#200

Post by schrodinger »

dbg31415 wrote: post #184
rc_kas wrote: post #117

Earlier quoted context omitted.

"every single person I know uses Venmo" How does that happen. I don't know a single person who uses Venmo. Not one. I know a lot of people and I work in Tech.

You old? (= I am. My neighbor's kid introduced me to it. Now I can't live without it. Being able to pay my maid or gardener when I'm not home... priceless. I never carry cash or a wallet any more. Slip an ID card in my phone case... good to go.

Be careful, they technically don't allow commercial transactions and will freeze your account (and reverse transactions) if they catch you. I got a stern warning after selling something on Craigslist and accepting payment via venmo, they must have figured it out by the note and lack of network of friends with the buyer.
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