BYU students cut out cash with Venmo

'Most activity between friends takes place on the weekends, and if you make a transaction Saturday evening, it's not uncommon for you to not get the money until Tuesday, or even Wednesday,' Faulkner said.

Criscoe said Venmo announced they were launching a way for users to pay with Venmo in select apps last year.

'Right now, this is only available to a selection of merchants, but we intend to rapidly increase the number of businesses accepting Venmo as we move through 2017,' Criscoe said. 'It’s important to note that using personal Venmo accounts for business or commercial activity is prohibited.'

He warns users to avoid payments with people they don't know, especially if it involves the sale for goods and services.

'These payments are potentially high risk and can result in losing your money without getting what you paid for,' Criscoe said. 'At this time, Venmo does not offer buyer or seller protection, and business usage of Venmo requires an application and explicit authorization.'

Criscoe said the simplicity of design, ease-of-use and social engagement are the company's greatest strengths.

'Venmo has become the standard for how millennial customers think about peer-to-peer payments and we’re focused on extending that reach to new contexts,' Criscoe said.

Other applications like Square Cash, Google Wallet and Zelle also allow users to transfer funds.