In the good old days, parents would trail their kids at the mall, or call their friends, when they wanted to track what they were up to, but that’s all been replaced by Venmo according to a Bloomberg report.
Venmo has transformed how people exchange money, with a staggering $12.3 billion transactions processed in 2018, according to Fortune–with a big chunk of those being done by millennials and people even younger than that.
What makes Venmo unique is why it has become such a boon for nosy parents: it’s really a social network. With every transaction, a user can opt to write a short comment detailing their reason for paying someone. That comment is then publicly available in a person’s news feed.
For instance, one mother detailed to Bloomberg that she digitally stalked her daughter’s Venmo account because she was convinced she was struggling to make ends meet and was concerned. Said mother had seen that her daughter’s posts consisted of her friends paying her for food. “I was like, ‘Really? Things are that bad that you’re splitting a pack of strawberries?’” the mom said in an interview. The daughter reassured her, “Mom, that’s not how this works.”
The younger generation is on to the role that Venmo can play in spilling the beans, though. One younger user cautioned: “It’s a bad secret keeper because if you’re not careful, Venmo will air out all your dirty laundry.”
See, money does talk. In the case of Venmo, loudly.
Feature Image: Venmo