Topic: Venmo

Federal regulators warned consumers against storing large balances on payment apps like Venmo and PayPal, citing a lack of automatic insurance. This warning is interpreted as a marketing setup for the July launch of "FedNow," a Federal Reserve-backed payment system that may compete with private digital wallets.

The IRS announces a delay in implementing the $600 reporting threshold for third-party payment apps like Venmo and PayPal, citing taxpayer confusion. The hosts discuss the logistical burden on banks and payment processors, suggesting that such tracking will eventually be automated through Central Bank Digital Currencies (CBDCs).

A new social media trend involves white individuals sending unsolicited small payments via Venmo to black acquaintances as a form of "reparations." A podcast from Gimlet Media investigated the phenomenon, finding that many recipients find the gesture insulting or confusing. The payments are often small amounts, such as five dollars, intended to alleviate white guilt.

A class-action lawsuit has been filed against Plaid, a financial technology company recently acquired by Visa, for allegedly selling users' private banking data to third parties without consent. Plaid acts as an intermediary for apps like Venmo and Cash App, requiring users to provide their bank login credentials. The hosts warn against giving bank passwords to third-party software, noting that many users are unaware of the privacy risks involved.

Visa recently acquired Plaid, a financial middleware company, for $5 billion. Plaid acts as a bridge between banks and apps like Venmo, Robinhood, and Coinbase by using "screen scraping" technology, which requires users to provide their bank login credentials. This allows Plaid to emulate a user and access full transaction histories. The hosts warned that this creates a massive security vulnerability and a "murky" legal environment regarding data ownership and liability.

A discussion on millennial habits covers the widespread use of Venmo for bill payments and the reliance on subtitles when watching television. The hosts attribute the subtitle trend to poor 5.1 audio mixing on soundbars and a potential "cognition issue" where younger viewers struggle to parse spoken language without text.

The hosts discuss the ongoing competition between third-party payment apps like Venmo and bank-led services like Zelle. Banks are reportedly creating technical hurdles for Venmo to encourage users to stay within the traditional banking ecosystem. An anonymous donor from Virginia contributes $420 to become a Dame of the No Agenda Round Table.

The hosts discuss the technical difficulties of using PopMoney for donations, recommending that users only use it if their credit union or bank supports it natively. They explore the rise of payment apps like Venmo and Zelle, expressing concern that younger generations are being "ripped off" by digital gambling and investment apps. Adam Curry admits to once owning a coin changer on his belt.

The hosts read a long list of donations and thank-yous, discussing the transition from Venmo to "Pop Money" for transfers. Adam Curry reveals he received a box from a producer containing "magical" mushrooms and flight calculators. They emphasize the "value for value" model and encourage listeners to continue submitting artwork and clips.

The hosts urge listeners to stop using "sketchy" alternative payment apps like Venmo or Popmoney, citing accounting difficulties and potential IRS issues. They express a preference for PayPal or traditional checks. Adam Curry mentions that Apple executives suggested using Apple Pay, but he remains skeptical of its utility for the show's donation model.

A Business Insider article by Joe Wiesenthal is criticized as a "disgusting" example of native advertising for the payment app Venmo. The article characterizes physical cash as a "barbarous relic" similar to gold, promoting a cashless society. The hosts argue that this trend toward digital payments is a move to "dumb down" the public and increase financial surveillance.