A Venmo Effect on Relationships: Electronic Payment Makes Social Relations More Transactional and Experiences Less Enjoyable

Electronic money transfers, such as Venmo, are increasingly popular. While technology may afford benefits like perceived efficiency, it could potentially have costs with respect to well-being. Experimentally, we find that using Venmo, compared to alternating payment, has a negative effect on enjoyment, bonding, and intentions to interact in the future.