There are few apps we love more than Venmo. Since it landed on our phones, our nights out have gotten SO much easier to pay for. Splitting a check at the restaurant is no longer an awkward ordeal. We don鈥檛 end the night still owing anybody money. It鈥檚 great! But we just learned that a competitor is coming along to take Venmo DOWN.

Close up of multiracial friend hands with mobile smart phones

Last night, some of the country鈥檚 biggest banks announced that they are putting together an app that could mean the end of Venmo. Zelle, as the app will be called, is backed by Chase, Citibank and Bank of America, among others. The app will work just like Venmo except it will be rooted in the owner鈥檚 actual bank account, meaning that it鈥檚 going to be even faster than Venmo.

When users want to exchange money, it won鈥檛 go through a Venmo account and sit there until someone decides to deposit it. With Zelle, money will flow instantly and directly from your friends鈥 accounts to yours. Score!

The US lags far behind other countries in terms of modern, instant banking. Although some banks (example: Chase) have instant money-exchange services, they don鈥檛 work from bank-to-bank.聽If you鈥檝e previously tried to use your bank鈥檚 app to send money, you know how difficult it can be to give your friends the money聽you owe them when you鈥檙e operating from different banks. Zelle will be a common service provider for most big banks across the country.

Will you keep using Venmo or switch over? Let us know @BritandCo!

(h/t Recode; photo via Getty)