Is Venmo a type of shadow bank? If not, what would it be classified as? How does iphone apps change banking and money management for younger generations?

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Posted by Cali Slepin (MONEY FORUMS: 4, Answers: 0)
Asked on February 9, 2016 9:44 pm
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Cali, Venmo is more of a payment system. Shadow banks are organizations that match “borrowers” and “lenders” outside of the regulated banking industry.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: February 9, 2016 11:01 pm
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Not sure what you mean by shadow bank, but Venmo is a peer payment service, sort of like PayPal. I think the future will turn more toward apps and digital to share money.

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Posted by Melanie Lockert (MONEY FORUMS: 0, Answers: 65)
Answered: February 9, 2016 10:44 pm