Cold hard E-cash: Friends and vendors in the Venmo digital payments system

Xinyi Zhang; Shiliang Tang; Yun Zhao; Gang Wang; Haitao Zheng; Ben Y. Zhao

Cold hard E-cash: Friends and vendors in the Venmo digital payments system

Xinyi Zhang, Shiliang Tang, Yun Zhao, Gang Wang, Haitao Zheng, Ben Y. Zhao

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

For millions around the globe, digital payment apps such as Venmo are replacing cash as the preferred method of payment between friends and vendors. Apps like Venmo bring a unique blend of convenience and social interactions into financial transactions. In this paper, we study the role of social relationships in the adoption of the Venmo digital payment system. We collect records of all 91 million public transactions conducted on Venmo since its introduction, a social graph connecting most of its 10.5 million users, and analyze the interplay between social relationships and financial transactions. We find that Venmo communities are very densely connected compared to other interaction networks, and are often driven by specific niche applications. We are able to extract both user-to-user and user-to-vendor transaction communities, and show that they exhibit dramatically different structural properties.

Original language	English (US)
Title of host publication	Proceedings of the 11th International Conference on Web and Social Media, ICWSM 2017
Publisher	American Association for Artificial Intelligence (AAAI) Press
Pages	387-396
Number of pages	10
ISBN (Electronic)	9781577357889
State	Published - 2017
Externally published	Yes
Event	11th International Conference on Web and Social Media, ICWSM 2017 - Montreal, Canada Duration: May 15 2017 → May 18 2017

Other

Other	11th International Conference on Web and Social Media, ICWSM 2017
Country/Territory	Canada
City	Montreal
Period	5/15/17 → 5/18/17

ASJC Scopus subject areas

Computer Networks and Communications

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Cold hard E-cash: Friends and vendors in the Venmo digital payments system. / Zhang, Xinyi; Tang, Shiliang; Zhao, Yun et al.
Proceedings of the 11th International Conference on Web and Social Media, ICWSM 2017. American Association for Artificial Intelligence (AAAI) Press, 2017. p. 387-396.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Zhang, X, Tang, S, Zhao, Y, Wang, G, Zheng, H & Zhao, BY 2017, Cold hard E-cash: Friends and vendors in the Venmo digital payments system. in Proceedings of the 11th International Conference on Web and Social Media, ICWSM 2017. American Association for Artificial Intelligence (AAAI) Press, pp. 387-396, 11th International Conference on Web and Social Media, ICWSM 2017, Montreal, Canada, 5/15/17.

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abstract = "For millions around the globe, digital payment apps such as Venmo are replacing cash as the preferred method of payment between friends and vendors. Apps like Venmo bring a unique blend of convenience and social interactions into financial transactions. In this paper, we study the role of social relationships in the adoption of the Venmo digital payment system. We collect records of all 91 million public transactions conducted on Venmo since its introduction, a social graph connecting most of its 10.5 million users, and analyze the interplay between social relationships and financial transactions. We find that Venmo communities are very densely connected compared to other interaction networks, and are often driven by specific niche applications. We are able to extract both user-to-user and user-to-vendor transaction communities, and show that they exhibit dramatically different structural properties.",

author = "Xinyi Zhang and Shiliang Tang and Yun Zhao and Gang Wang and Haitao Zheng and Zhao, {Ben Y.}",

note = "Funding Information: Acknowledgments. The authors wish to thank the anonymous reviewers for their comments. This project was supported by NSF grants CNS-1527939 and IIS-1321083. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of any funding agencies. Publisher Copyright: {\textcopyright} Copyright 2017, Association for the Advancement of Artificial Intelligence (www.aaai.org). All rights reserved.; 11th International Conference on Web and Social Media, ICWSM 2017 ; Conference date: 15-05-2017 Through 18-05-2017",

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AU - Zhao, Ben Y.

N1 - Funding Information: Acknowledgments. The authors wish to thank the anonymous reviewers for their comments. This project was supported by NSF grants CNS-1527939 and IIS-1321083. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of any funding agencies. Publisher Copyright: © Copyright 2017, Association for the Advancement of Artificial Intelligence (www.aaai.org). All rights reserved.

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N2 - For millions around the globe, digital payment apps such as Venmo are replacing cash as the preferred method of payment between friends and vendors. Apps like Venmo bring a unique blend of convenience and social interactions into financial transactions. In this paper, we study the role of social relationships in the adoption of the Venmo digital payment system. We collect records of all 91 million public transactions conducted on Venmo since its introduction, a social graph connecting most of its 10.5 million users, and analyze the interplay between social relationships and financial transactions. We find that Venmo communities are very densely connected compared to other interaction networks, and are often driven by specific niche applications. We are able to extract both user-to-user and user-to-vendor transaction communities, and show that they exhibit dramatically different structural properties.

AB - For millions around the globe, digital payment apps such as Venmo are replacing cash as the preferred method of payment between friends and vendors. Apps like Venmo bring a unique blend of convenience and social interactions into financial transactions. In this paper, we study the role of social relationships in the adoption of the Venmo digital payment system. We collect records of all 91 million public transactions conducted on Venmo since its introduction, a social graph connecting most of its 10.5 million users, and analyze the interplay between social relationships and financial transactions. We find that Venmo communities are very densely connected compared to other interaction networks, and are often driven by specific niche applications. We are able to extract both user-to-user and user-to-vendor transaction communities, and show that they exhibit dramatically different structural properties.

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ER -

Cold hard E-cash: Friends and vendors in the Venmo digital payments system

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