THE AVION
UX Corner U3
Josh and Jacob are graduate students in the Research in User eXperience (RUX) Lab in the Department of Human Factors and Behavioral Neurobiology. RUX investigates the usability and user experience of technology in our everyday world. This is a regular column that explores different techniques typically used by Embry-Riddle students.
You Get Money! And You Get Money! Everybody Gets Money! Josh Smith and Jacob Guliuzo Graduate Researchers
even through your email or phone number.
Why Have a Money Transfer App? Everyone has been there. You’re out with your friends, whether it is at a restaurant, bowling, or the movies. When you go to pay, the worst thing possible happens: your card is declined. But your good friend saves the day and covers for you. In the past, you would have to wait until you could take out cash to pay them back. Now, you can immediately pay your friend back with a money transfer app. In the RUX Lab, we love to use money transfer apps. Members of the lab have used a money transfer app a couple of times to order pizza as a group. Our app of choice is Venmo because it's what everyone has. One person out of the group requests all of the pizzas, and then says, "Just Venmo Me!" We see it is like the use of this app has essentially created a new verb, similar to when your friends are arguing over where pizza was originally invented, and you say, "Just Google it!" Personally, Venmo has also saved the butt of a lab member. I was out to eat with friends one night, and I left for home from the restaurant before my friends. When I got home, I realized that I never paid my bill. I quickly Venmo’d my friend who was still there and asked him to cover for me. He politely agreed as he knew he was immediately paid back — situations like these show just how useful money transfer apps can be. Money transfer apps, such as Venmo, PayPal, and Zelle, allow you to send and receive money using your phone quickly. As long as you have the same app as whomever you want to transfer money with, you can soon pay or collect payment from someone. Apps like these can send money from multiple sources including bank accounts, debit/credit cards, and
Which Apps Students Use and Why In a recent survey of ERAU students, four apps emerged as the most popular - Venmo (43%), Zelle (27%), and Paypal (16%) and Cash App (10%). Surprisingly, not a single student said they used Xoom. Ease of use was the primary reason given for why they used their respective app. Other reasons students choose their preferred app over others varied. Students who preferred Venmo did so because they viewed it as the most popular money transfer app and it was what all their friends had. Students preferred Zelle because of the fact it integrates directly into their bank app. Students who preferred PayPal said they liked the pedigree that comes with PayPal, as it was one of the first online payment services. Lastly, students that preferred Cash App did so because they viewed it as a pioneer in instantly transferring money, and not having to wait a lengthy period of time.
Common money transfer apps.
dents had a credit card linked. Students who had their bank account tied did so because they wanted to interact with their bank account directly. Some students who only had their debit or credit card connected did so because they said it felt safer, as thieves would have access to that. Students linked their phone number because they thought that transferring money in that way was sometimes faster. The majority of students surveyed, 65%, said their primary use of money transfer apps was to pay friends and family, while 14% said it was to transfer money between bank accounts and 8% used them to pay bills. Students stated that they typically use a money transfer app about once a month to once a week. Not a single student said they use an app every single day. Additionally, more than half of the students surveyed rarely or never pay instant transfer fees. These are fees
Image Courtesy: Jacob Guliuzo
that you can pay to access money deposited into your account instantly. If you choose not to spend the instant transfer fees money that will be deposited into your account may take a few days. We also asked students which features of the money apps contributed to whether they use it or not. Account and transfer security were rated as being very important. The next two highest-rated functions were transferring money through debit/credit card and transferring money directly through bank accounts. The two features that students did not find important at all were transaction social feeds and moving money through email. The social feed of Venmo is unique because this feature is only found on Venmo. The social feed is where people can see their friends' transactions and like/comment on the purchases. Participants noted that this feature could be left out and was unwanted.
Image Courtesy: Josh Smith
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breakdown of how much students prefer each service (n = 37).
How
Students Link the App to Their Money The majority of students had their bank account, debit card, and phone number connected to their app to transfer money. Only five stuImage Courtesy: Josh Smith
A breakdown of what students use money transfer apps for (n = 37).
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Image Courtesy: Jacob Guliuzo
Common features for money transfer apps.
Conclusion Venmo and Zelle are the apps most students go to for money transfer needs. This could be paying your friends for food that everyone split to paying your bills. Or using an app like Apple to shop online or order food online, or directly to send money to family. While security tends to be the feature students value the most, the convenience and ease of transferring money online are why they will continue to be popular among students.