Feature Friday: Digital Money Accounting
So this is a different kind of feature friday. It is about a feature I want but don’t have.
Digital money is coming and it is coming pretty fast now. In the developing world we see mpesa taking off in many countries. In some places, like Kenya, it has become the dominant way people conduct their financial lives.
In the US, among the young adult crowd, Venmo is hugely popular. My kids use it for much of their financial lives. The Gotham Gal and I rent a property we own to some young adults and they all pay us rent on Venmo. We, in turn, pay the super we use in the building on Venmo.
And then there is bitcoin. I’m running around with the Coinbase bitcoin wallet on my phone and sending money (dollars or bitcoins) around using the bitcoin protocol.
The problem is these digital money services are a “black hole” when it comes to accounting for all the transactions. I know that I put $500 into my Venmo account last month and I know its all gone. But where did it all go. How much came in and why? And how much went out and why?
I want Mint.com for digital money services, starting with the Venmo and Coinbase mobile apps. That would be super helpful for me and, I suspect, for everyone using these digital money services.
I bet it exists or that it is being built. I just haven’t see it yet. And I want it. Badly.