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

nytimes.com

381–387 of 387 posts

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

#381
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…

How is Venmo any different from PayPal other than the social network aspect of it?

Why can't you just "Paypal it to you"?

It's because Venmo adds the voyeuristic aspect to an otherwise boring task of money transfer that PayPal had been doing just fine.

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

#382
post #134

Earlier quoted context omitted.

In what way? Is small, easy P2P payments a solved problem in Europe?

Bank transfer. No fees, fast enough (at least inside a country next business day, I think internationally it's allowed to be a bit slower?), if you want to do it mobile there are enough banks that have apps.

A bank transfer happens pretty much instantly when I do it (First Direct, UK).

It can occasionally take up to an hour, but it's rare.

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

#383
post #134

Earlier quoted context omitted.

Bank transfer. No fees, fast enough (at least inside a country next business day, I think internationally it's allowed to be a bit slower?), if you want to do it mobile there are enough banks that have apps.

I can do bank transfers from my bank, but I feel awkward saying, "hey, can I get your routing and account number?" 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.

hey, can I get your routing and account number?

Why? That's what they are for.

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

#384

Earlier quoted context omitted.

In what way? Is small, easy P2P payments a solved problem in Europe?

Most UK bank account allow you to pay using a person's phone number instead of account and sort number. Work across (all?) banks and payments are usually instant directly into the account.

Yeah it's called PayM

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

#385
post #146

Earlier quoted context omitted.

Where does this happen? If they want their money, they will split it and do what they have to do.

Plenty of restaurants have policies limiting how many ways they'll split a check.

So you get hosed for a 20 percent tip and the waiter can't be arsed to visit each person at the table with a card machine and ask how much they owe? I really wonder what exactly the tip is for in this situation.

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

#386
post #385
post #146

Earlier quoted context omitted.

Plenty of restaurants have policies limiting how many ways they'll split a check.

So you get hosed for a 20 percent tip and the waiter can't be arsed to visit each person at the table with a card machine and ask how much they owe? I really wonder what exactly the tip is for in this situation.

Restaurants in the US don't bring a machine to the table, which I understand to be commonplace elsewhere. (At least, I have never seen one in my entire life.) The waiter delivers a paper bill to the table, often in a billfold. The diners get together cash/cards (and very rarely, checks) and put it on top of the check or in the billfold.

If you're splitting the check, you have to tell the waiter who to charge for what. If you're lucky, everyone ordered their own meals and drinks and nothing was split. Then you can usually just say "this card is mine, this card is hers, this card is his" and it works. Otherwise, you usually have to break out a pen and tally up everyone's share and write it on the back of the bill or somewhere like that.

Then the waiter goes away with your cards to the register (or a computerized POS system), runs the charges, and hopefully doesn't copy your card for their own fraudulent use. They get separate printed receipts for each paying diner and bring them back to the table along with the cards and any change (if people paid in cash).

People paying in card add their tips to the receipt and sign it, and people paying in cash leave their tips on the table. Then you're done.

Suffice it to say that this is a huge pain in the ass for everyone involved, and takes time that the waitstaff could be using to provide better service to other customers. Also, especially for smaller restaurants running on an extremely narrow margin, the credit card fees for splitting a table too many ways can be financially unacceptable.

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

#387
post #215

Earlier quoted context omitted.

Good for you? Maybe try one sometime: as it turns out, old things are not de facto bad.

Why would old things be bad anyway? That's an IT pop culture myth.

Yes, we're not disagreeing.
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