I’ve heard from both sides of the coin on the cash vs Venmo discussion and my thoughts are as follows:
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Younger people believe using Venmo and credit cards are a direct substitute for carrying cash.
- People who rely on electronic cash are like leeches relying on the people who are actually carrying cash. I’m not saying this happens 100% of the time but it happens to people who carry cash 0% of the time.
- Living in an e-cash world is like the Wild Wild West as described below.
Imagine the hypothetical situation where no one carries cash. 5 people come to the bowling alley and they purchase 3 games apiece totaling $50 dollars. Is one person putting all the games on 1 card and 4 people paying him back $10 through Venmo or are 5 people paying $10 through 5 different transactions? Under the 1st assumption now 1 guy is owed $40 dollars from 4 people. Do they Venmo immediately or do they play it off the cuff and assume they’ll pay him back as the night continues? The latter scenario is 5 transactions, with 5 signatures, that takes 5x as long.
Next, they order food and drinks and are presented with another bill. 5 way split? Is the guy who paid for the bowling excluded from this bill and the other 4 figure it out? Who even knows at this point?
The only reason the Venmo system even reasonably works is because there are people who still carry cash. So if 3 of 4 people carry cash, they work with the e-tard who doesn’t have any. I cannot grasp the revolt against carrying cash. Why is it difficult? 0 problems arise when you have cash. Zero point zero. You never have to worry about a cash only bar or dividing checks.
I know the person using Venmo and credit cards doesn’t want to believe this. They believe they can swipe and transfer for life but e-money feels like funny money. Our group doesn’t bet funny money because funny money doesn’t get paid.
I’m not saying that I’m not going to be your friend because you don’t carry cash or roll my eyes every time I have to give you money at a cash only establishment. These posts are just outlining the benefits to carrying cash. It’s not I’m right and you’re wrong. I get Venmo. I use Venmo. Paying people who I don’t know instead of sending a check is a great luxury. I happily will Venmo anytime it’s convenient or necessary. However it isn’t always convenient and cash comes in handy which is the main reason why you should always have it on you.

Two comments
1. Five card transactions will take just as long as five cash transactions. As far as I’m aware, signatures are required for purchases over $50, or if you’re buying food / drink. Conversely, one card transaction is faster than five separate cash transactions. Typically, you Venmo on the spot, due to how easy it is.
2. There can be problems with cash. I run into the “I only have $20s, can anyone break $20?” *crickets* all the time, to which I reply, “Just Venmo me”.
1. 5 people give their money to 1 person.
2. Getting change is getting change. Can’t argue that.
My issue is that people don’t actually Venmo on the spot. Maybe with your group of friends but I find that to be unreliable.