How Venmo Made A Business Out Of Getting You To Pay Your Friends Back [Disruptive] | Elite Daily

Venmo (verb): the act of paying back or requesting payment from friends, family, coworkers and others using the simple, user-friendly and social app, Venmo.

Frustrated with the difficult, time-old concept of “paying someone back,” cofounders Andrew Kortina and Iqram Magdon-Ismail were determined to find a better way. So they created Venmo, the peer-to-peer payment system that makes all things money-related simple and stress-free.

In doing so, they disrupted traditional banking and brought it to the digital age. Instead of writing a check or finding the nearest ATM, users simply type in the amount (to the cents), add a comment or emoji-caption and hit “send.”

Venmo realized its users had a story to tell and that all payments are part of some greater experience. The company wants to push payment to the background and let users live in the moment. The app even aims to capture the memory as people are encouraged to comment and share their payment moments on their social feed.

In the time it takes you to navigate an ATM with the lowest fee, a Venmo user is already sipping a drink with friends, heading to the game or coming home after a night out. In other words, the struggle is no longer real when it comes to divvying up the bill.

This is the fifth episode of the new series “Disruptive,” which highlights disruptive innovators sponsored by Strayer Education

Subscribe now for more videos from Elite Daily: http://www.youtube.com/subscription_center?add_user=elitedaily

Check out more Disruptive from Elite Daily: https://www.youtube.com/playlist?list=PLidTvIp4b7EFy9L5DksnDcDHGsJQ9zC4e

Producer: Tracey Zane
Junior Producer: Camille D’Elia
Production: Top Notch Cinema
Post-Production: Top Notch Cinema

Music Courtesy of Extreme Music

“Above and Beyond”
Written by Joe Steer

“Timze Money”
Written by William Russel Parnell and John Waddell

“Gimme What I Want”
Writte by Tony Lee Stafford Jr., Michael Dennis Smith and NineOneOne

http://www.elitedaily.com
Facebook: https://www.facebook.com/EliteDaily/videos?ref=page_internal
Twitter: http://twitter.com/EliteDaily
Instagram: http://instagram.com/elitedaily
G+: https://plus.google.com/+elitedaily

What is Elite Daily?
We proclaim ourselves to be the voice of Generation-Y and never disappoint.

As the premier online destination for aspiring men and women alike, Elite offers a forum of peer-to-peer interaction in an increasingly digitalized world.

The site consistently delivers diverse content with a fresh, relevant voice that appeals to the divergent perspectives represented within our ADD generation.

For all video inquires contact: VideoContact @ elitedaily.com

http://www.youtube.com/elitedaily