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 proceedingConference 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 languageEnglish (US)
Title of host publicationProceedings of the 11th International Conference on Web and Social Media, ICWSM 2017
PublisherAAAI Press
Pages387-396
Number of pages10
ISBN (Electronic)9781577357889
StatePublished - Jan 1 2017
Externally publishedYes
Event11th International Conference on Web and Social Media, ICWSM 2017 - Montreal, Canada
Duration: May 15 2017May 18 2017

Publication series

NameProceedings of the 11th International Conference on Web and Social Media, ICWSM 2017

Other

Other11th International Conference on Web and Social Media, ICWSM 2017
CountryCanada
CityMontreal
Period5/15/175/18/17

ASJC Scopus subject areas

  • Computer Networks and Communications

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  • Cite this

    Zhang, X., Tang, S., Zhao, Y., Wang, G., Zheng, H., & Zhao, B. Y. (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 (pp. 387-396). (Proceedings of the 11th International Conference on Web and Social Media, ICWSM 2017). AAAI Press.