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“We estimate that the value of mobile payments per enrolled active account is worth more than 0 per year in revenue, to whoever does it—Venmo, Apple Pay, Android Pay, Samsung Pay, a bank, Visa, or Mastercard."If Venmo or another service were to gain access to this payment data, the typical recipients of it would start missing out.Even though digital-payments apps are built on top of banks’ infrastructure, banks wouldn’t see the details of consumers’ spending, but instead just requests from an app to add or withdraw money from an account.Looking to the future, Crone notes that Venmo’s social feed is something that banks would by their nature have trouble reproducing.“You expect your bank to keep things private,” he says.
Like them on Facebook, follow them on Twitter,” Crone says.(Users can elect to make a transfer private, but most don’t.) The app has among many—mostly young, city-dwelling people—attained a level of linguistic uptake reserved for the likes of Google and Uber: “Just Venmo me,” they say, after picking up a dinner bill.The feature that sets Venmo apart is the social feed, which brings transparency to a class of transactions that used to be entirely private.A friend of mine told me that Venmo proved invaluable in trying to determine if her ex and his new girlfriend were still dating.In other words, pointless and goofy as it seems, people do pay attention to what they see in Venmo’s feed.