New application allows smartphone users to easily split checks.
Social network, Venmo, has come up with a cutting edge solution that fits beautifully with the latest mobile trends for making payments and other forms of transactions using smartphones.
It is designed to eliminate the frustrating problem that can occur among friends when a bill must be split. Traditionally, one person has to pay for the item – such as a meal at a restaurant or a wedding gift – and then the other individual(s) must make an effort to come up with the cash, write a check, or in some other way pay the original person back.
The app helps to eliminate the need to call, email, or text a friend who owes you money.
It was created by Iqram Magdon-Ismail and Andrew Kortina, two former roommates from the University of Pennsylvania. They created Venmo so that the frustration and awkwardness of money exchanges among friends can be removed, and social situations can therefore be improved.
The root of the idea started back in 2009 when a train was almost missed. Magdon-Ismail was traveling to New York City from Philadelphia in order to visit Kortina, but because he was in such a rush, he forgot his wallet. Kortina loaned him the money he needed for his weekend trip, but they would have preferred to be able to exchange the money, somehow, through the use of their smartphones.
What they discovered, was that this solution didn’t exist and Kortina had to write a check, instead.
Upon further research, they determined that while an app still didn’t exist, the demand for that type of service among the millennial generation, did. This also helps to support the latest mobile trends and predictions from many financial experts, who are saying that smartphone technology will one day eliminate the need for credit cards, cash, and checks.
So far, the two creators of the app don’t think that they are causing the demise of cash and cards, but instead feel that it will make social situations among groups of friends much easier, as they can split the bill however they want and simply have one individual pay the merchant while he or she receives the other portions of the total from the rest of the group using their smartphones.