Venmo has become an increasingly popular app on college campuses as it allows students to easily transfer money to friends and classmates on their mobile devices. The student just has to type in their friend's name and amount of money to instantly transfer it to their bank account.
Not only has this app made sharing money with friends easier and helped with the repayment of loans, it has allowed clubs and other organizations to increase fundraising efforts. Selling shirts and food around campus has become a popular form of raising money. Since students do not always carry cash, Venmo allows them to transfer the money on the spot.
Venmo connects directly to the user's bank account minimizing third party involvement which decreases opportunity for fraud. New registrants must enter a code sent via text during sign up to activate the account.
In addition, Venmo recently updated it's security, adding another security measure; the user needs to enter their password when making a payment and is notified when their account is accessed on a new device. With this addition, making payments on the go is now easier and safer.