The innovation I have decided to write about is the app Venmo. For those of you who do not know, Venmo is a money transfer application that is owned by PayPal. It allows people to send over money or request money via mobile phones. It was founded in 2009 with the headquarters location in New York and has been extremely popular and helpful.
Diffusion Theory of Innovations: As stated by Wikipedia, this theory "seek's to explain how, why, and at what rate new ideas and technology spread. Everett Rogers, a professor of communication studies, popularized the theory in his book Diffusion of Innovations."
When it was 2009, I was only ten years old, so I did not even have a bank account at that age to sign up with Venmo. However, it did become a massive success because the young adults and up found this app to be very convenient. It was an easier way to make payments with family and friends rather than giving them cash or a check. Examples would be, venmoing over money as a birthday gift, splitting a bill, paying rent, etc. The transfer also only takes about a minute to go right into your bank account. Venmo also allows you to follow your contacts payments, which customers find fascinating.
I think this app initially attracted high school and college students, but it also got exposed to adults as the years went on. Teenagers and young adults are much more up to date with the new technology and new applications, most likely why adults or older folks did not know too much about Venmo. I think it all depends on what kind of money transfers you are used to and loyal to.
There are, however, a few risks that come along with using Venmo. These risks include scams, false claims, or someone hacking into your account. These may be why adults or even young adults may not want to sign up for Venmo. Maybe the late adapters would be the ones staying away from Venmo due to the risks it may have.
LINK: https://en.wikipedia.org/wiki/Venmo
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