Categories: News

A Bitcoin-based Payment Splitting Solution Like Venmo Could Go A Long Way

Bitcoin allows citizens of the world to achieve a multitude of things, and making payments one step easier is just the first iteration of what is possible. But to make bitcoin more convenient for the everyday user, a lot has to happen. Creating an option for users to split the bill when going out for food, or drinks, is an important step towards making Bitcoin more appealing.

Also read: The World Needs More Bitcoin Accounting Solutions

Venmo Has The Right Idea To Make It Happen

There are several payment systems in existence that already allow users to split a bill in a convenient way. Venmo is one of those services that only requires a name – through a Facebook contact, for example – to send money to someone else. There is no email address, phone number, or even address linked to the recipient.

For privacy centric people, Venmo seems to make a lot of sense, as a name alone doesn’t tell one much about somebody’s identity. Papa John’s has seen the value in payment systems like Venmo, and introduced a concept of their own, called PayShare. As the name suggests, anyone can pitch in on the pizza.

Customers can come in as a group – small or large – and place their order at the Papa John’s restaurant of their choice. Once the order is placed, and the payment page comes up, there will be an option called “PayShare”. This is where users can then split the bill, either by letting everyone pay their share, or just dividing the total amount into equal values.

The person paying the order in full is responsible for selecting the friends they want to split the bill with, and will still have to pay the full amount upfront. However, that person’s friends will be notified immediately about the payment, and be sent a notice containing the amount they owe the person who paid for the pizza. All the friends have to do is hit “Accept”, and the funds will be deducted from their account.

Venmo offers a wide variety of payment methods, including bank accounts, debit cards, and credit cards. As receiving funds through Venmo is completely free of charge, it has become quite a popular payment solution among millennials. Plus, creating an account is quick, as all it takes is a username and password, as well as some personal info to receive payments.

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A Bitcoin Alternative Remains Elusive For Now

The world of Bitcoin and digital currencies could do with a bill-sharing solution such as Venmo-powered PayShare. While it is quite easy for individual Bitcoin users to quickly generate QR codes for a certain amount of money on their mobile devices, it’s not user-friendly when one is a novice user.

Consumers want convenient payment methods, and letting other people scan a QR code to make their individual payments is not all that convenient. Receiving a notification regarding how much they are due, which will then open their Bitcoin wallet to send the funds, would be a more favorable solution. THat type of solution remains elusive, for now at least.

What are your thoughts on Venmo and PayShare? Do you know of any Bitcoin alternatives? Let us know in the comments below!

Source; Papa John’s

Images credit 1,2,3

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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