Venmo is a payment app that allows the exchange of payments among people in a social group via smartphone. It has introduced simpler ways to exchange money with peers, while eliminating the hassle of money transactions. The goal of Venmo is not only to make payments easier, but to make money transactions a social activity.
Transactions can be publicized via the Venmo activity feed and social networks such as Facebook and Twitter. Venmo co-founder Andrew Kortina believes that people would want to share transactions with their friends, because they represent social activities that people are paying for. Combining finance with social media, Venmo provides a deeper look at what it means to be social when money is involved.
Money has always been a part of social interactions. Money acts as a symbol of trust, while also allowing access to goods and services that require it. People use money as a way of being social, covering tabs for friends or throwing parties for large groups. However, when the use of money is publicized to others who were not involved in the activity, along with the activity that the money was used for, what significant difference would it make than to share with others about the social activity on Facebook?
Venmo respects the value of privacy and security through its options, but the moment transactions that remained in the private realm come out for public viewing, Venmo becomes another social app that chisels the barriers of private and public activities. The things people spend money on convey the degree of desire or necessity, since they’re willing to spend money on the particular product or service. By this logic, People can publicize this willingness on Venmo and present a deeper dimension into their desires, preferences, and necessities. It might be true that money talks, because money shows just how “social” we can be.