Do you have cash? … No, but I have Venmo!

The 3 key roles of money are to serve as a medium of exchange, as a unit of account and as a store of value. These roles have shaped the evolution of the banking system from the roman churches to the present global banking system as summarized in the video. In 2009, Venmo, a peer-to-peer payment app owned by PayPal was launched.  However, Venmo is not a bank nor overseen by the central bank – the Federal Reserve – so how safe is it with respect to personal data and privacy concerns? Also, there are many other such money transfer platforms including PayPal, Google Pay, Venmo, Cash App or Apple Pay that offer slight variations in services. These payment apps have impacted the use of cash, credit cards and debit cards by consumers and local businesses.

Discussion Questions:

1. Share TWO takeaways you have about how the global banking systems have evolved overtime with respect to the 3 key roles of money.
2. Given that most banking services can be done via online banking, do you think the role of physical banks will become redundant? Why or why not?
3. Given the risk of cybercrime that comes with the use of online payment services – like Venmo, Google Pay or Apple Pay,
   1. what do you think is the future of cash?
   1. what about the use of physical credit cards and/or debit cards in the next five years?
4. Self-reflection: Which is your preferred mode of payment – cash, credit cards, debit cards and/or cashless (e.g. Venmo, Google Pay, Apple Pay)? Do explain your choice. 

Sources: The History of Global Banking: A Broken System; Unsplash: Travel Images, Map, World; How Venmo makes money; Digital Trends: PayPal vs. Google Pay vs. Venmo vs. Cash App vs. Apple Pay Cash