Ten years ago — perchance even five age ago — asking your roommate to “ Venmo you ” for the pizza you just cleave might have clear you some confused looks . The mobile requital avail has since become part of our cultural vernacular . In the first month of 2016 alone , over$1 billionin transactions were made through the app . Venmo payments are fee - devoid for users connected through their debit entry bill or bank invoice and they ’re unsubdivided to get off and request . It ’s easy then to see why the app is a popular pick for Millennials , a group that ’s less likely to pay off withcashorchecksthan one-time generations .
As for what the app is in reality being used for , LendEDUdiscovered that the answer is just about everything . The student loanword marketplace recently appear at more than 500,000 transactions to determine which types of payments are the most pop . When a user transfers money , they ’re required to argue what the payment is for . They do n’t necessarily have to go into detail : In fact , emojis are often the word form of choice . you may see the top choice below .
According to LendEDU , the house and flying money emojis are usually used for rent and utilities while the pizza pie and beer emojis are moderately self - explanatory . The text descriptions they looked at reflect these trends . Food was the top class with democratic terms include dinner , groceries , and pizza pie . Rent / usefulness came in second follow by merriment , transportation , and alcohol . The five most - used individual term were as succeed : nutrient , Uber , economic rent , fantasy ( football game ) , and vizor . It ’s important to note that in improver to being abbreviated , defrayal verbal description are also allowed to be inaccurate . So it ’s probably safe to assume that the bulk of user who helped “ strippers ” crack the top 100 were joke ( hopefully the same can be aver for “ kale , ” which somehow places in the twenty-first billet , above “ drink , ” “ cable , ” and “ brunch ” ) .
While a lot of hoi polloi apply the app for minor expense , a significant portion of users also seem to trust Venmo with larger payments like rip . If you ’re among the app ’s big Spender , it may be worth looking into the app’ssecurity policiesif you have n’t already done so . Google Walletis one defrayment app alternative that offers excess protection like hoax monitoring and MasterCard ’s liability coverage .
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