In India a lot of people use Splitwise. I am on it and my bill splitting, and personal borrowing/leding records are handled by the app. Though it doesn't handle actual money transfers yet; they have no such integrations.

Is Venmo similar?

https://www.splitwise.com

They've recently added support for settling via Paytm (which is the most popular mobile wallet in India) and I believe they also support Paypal.

I love Splitwise; almost all of my friends at uni use it and pretty much all shared expenses go on it. I also use Walnut (http://www.getwalnut.com/), not for the settlement feature, but rather for the expense tracking which automatically reads SMSes and builds up monthly expense reports.

Think twice about using Walnut. Their business model is selling your financial details to the highest bidder. They claim it's as innocuous as wealthy users being contacted about investment opportunities, but I wouldn't take their word for it.

Far better to use a vanilla expense manager. Maybe it takes an extra second to enter the details of the transaction but at least your data never leaves your device. That's the way it should be.

Who is they in your first paragraph? Venmo? Or Splitwise? Venmo supporting PayPal makes complete sense considering it is a subsidiary of a subsidiary of PayPal.

If it's Splitwise, then it seems like PayPal doesn't care so much for propping up Venmo. Interesting either way.

Walnut seems like an interesting product. Thanks for the link.

Sorry for the ambiguity, it's Splitwise.

Not really. In the US, Splitwise has a "settle up" button that lets your record a cash payment or use Venmo or Paypal to send the correct amount owed to the other person. Splitwise keeps track of who owes who. Venmo lets you pay them.