Personal Finance

Millennials use payment app for food, drinking and rent

Millennials use Venmo for food, rent and alcohol
Millennials use Venmo for food, rent and alcohol

If you thought millennials were spending their cash on some curious stuff, you may be right.

In a typical day, they're paying for food, Uber rides and fantasy football, according to a Venmo spending analysis by the student loan refinancing marketplace LendEDU.

Venmo, a mobile payment app owned by PayPal, is increasingly popular among 18-to-34-year-olds. Venmo processed about $4 billion in person-to-person payments in the second quarter of 2016, up 141 percent from a year earlier, according to PayPal's most recent report.

The top spending categories included food, rent, alcohol, "fun" and coffee, LendEDU said. Food was the app's most-used term, followed by Uber, rent, "fantasy" and bills. Kale ranked No. 21 and strippers broke the top 100 at No. 91.

Pizza was the most-used emoji, followed by money with wings and beers.

LendEDU tracked more than 500,000 public Venmo transactions between July and September to see what millennials, many of whom are saddled with hefty student-loan debt, are spending money on.LendEDU CEO Nate Matherson said the idea for the report was sparked at Happy Hour.