Have you ever been out to eat with friends and no one had cash? Or bought a gift with your sibling for a parent and was given an IOU? Mobile is making person-to-person payments easier than ever by allowing people to send money anywhere in America using their checking account. Apps like Venmo and Popmoney are streamlining secure person to person mobile payments. The cost of using these apps is minimal so more and more people are turning to person to person payment apps to make every day financial transactions.
The Wall Street Journal recently reported that in 2014 Venmo facilitated nearly $2.4 billion in virtual, person to person money transactions. The growth and success of companies like Venmo and Popmoney excite many in the economics community because of the apps ability to cut the hassle and cost associated with carrying cash and using ATMs.
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