Venmo is quickly becoming the hottest mobile payments app out there, especially among millennials. You simply plug in your debit card info and, when you’re low on cash, you can send money with just a few taps.
Today, the company updated its iOS7 app with a new proximity-based feature that makes it even easier to pay someone on the fly when you don’t have cash.
The new feature lets you easily find and pay any nearby Venmo users: They’ll show up in a special column on the side of the app.
Not only will this new feature decrease the time it takes to find someone you’ve never Venmo’d with before, but if you’ve forgotten someone’s name (maybe because they’re a friend-of-a-friend or maybe because you’ve been drinking), no problem. The app thus also functions as a way of reminding you of someone’s name, as long as you’ve got a reason to split a cab fare or a restaurant check wih them.
Venmo’s nearby update uses the same underlying technology that powers Apple’s iBeacons, and users must either be connected to WiFi or have Bluetooth enabled to use it. Venmo is owned by the Braintree payments division of eBay.