Social Media’s Newest Currency: Venmo

A new kind of business transaction is emerging in college/millennial culture all over American known as Venmo. For you technologically inept fossils, Venmo is an app that allows users to easily transfer money between other users in the app.

You can share “Venmo Dollars,” which adopts the globalized economic paradigm of exchanging goods and services for money. This made-up  currency allows people to sell things to friends, collect money at cashless events, order food in large groups, buy drugs, etc. Venmo’s home page acts as a social media feed, where you can see what your friends are buying and who they are buying it from.

On Venmo, the crazier the description the better. For instance, if I wanted to order pizza with friends one night, but didn’t have cash to pay them, I would send the person who orders it 5-4 dollars and I would caption the payment “Fake Tits.”

Screen shot of Venmo home page (Source: Daniel Camilletti)

There is also an option to link up your bank account with your Venmo account so that you can send real money to people you are friends with in the real world. Not only has social media simplified the ability to transfer money, but it has also opened a variety of business opportunities that otherwise would not have been example. This new form of business transactions is also taking business away from ATM machines, since people can now access their money in the palm of their hand, comfortably in their homes.

Sure companies might be mad that they’re losing business, but maybe they should’ve thought of this first?



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