Venmo is bank to bank transfer, which you can do with no fees it’s just a pain in the ass to log in to the bank and enter your recipients routing numbers.

Venmo could be obsoleted just by the banks having a better UX, which I gather everywhere but America already has for sending money domestically

At least in Spain there are some bank-sponsored apps (e.g. Bizum) that can be used to send money to people using their phone number as ID (if they have also an account in the system), and it's instantaneous. I think other European countries have similar systems.