Millennials + fintech = interesting. "One Venmo user told me that a co-worker had invited her to coffee, only to request $3.79 in reimbursement afterward. Another said her roommate charged her $3.32 for a shared garden rake."
Certainly, Venmo behavior is influenced by socio-economic class. For some people in lower-earning jobs, a $5 difference in price actually does matter. Venmo has also made it easier to hold people accountable for kicking in on shared gifts and simplified the lives of roommates trying to divvy up the electric bill. And it’s offered a simple way of clearing up the ever-polemical practice of splitting the bill. People who are vegetarians or teetotalers can pay their fair share without having to finance the steak and top-shelf whiskey of the person next to them. But despite these advantages, Venmo risks defiling the long-held, unspoken rules of social outings. The app can turn time spent with friends into a revelation that everyone has been stealthily keeping tabs on each other all along.