How Apps Like Venmo Are Disrupting Your Wallet


MOSCOW, RUSSIA - OCTOBER 09: An Apple phone is seen at a shop after Apple launched iPhone 6s and 6s plus in Moscow, Russia, on October 09, 2015. (Photo by Sefa Karacan/Anadolu Agency/Getty Images)

By Dan Kadlec

Technology is changing personal finance in a profound way, and what’s new is not all good. But if we can just master the gadgets in our hands, the payoff will be enormous.
That is my takeaway from a global financial education summit, hosted here this week by Visa and the Chicago Federal Reserve. The summit was designed to explore the future of innovation in financial education, and the focus quickly went to the advantages and challenges of things like apps, robo-advice, text alerts, and one-touch shopping.
New technologies are turning some basic premises of personal money management inside out. I opened the morning panel with a story about one of my twentysomething daughters, whom I gave $50 as a birthday present only to have her hand it right back with the request that I Venmo the money to her instead. Venmo is an electronic payment system popular with Millennials, many of whom—like my daughter—view cash as a nuisance.

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