Venmo recently announced the launch of a highly anticipated feature that allows users to schedule both one-time and recurring payments or requests.
This new functionality is designed to make it easier to manage common expenses such as rent, utilities, or other recurring payments between friends and family.
According to a recent study, more than 84% of consumers have used peer-to-peer (P2P) services for various payments, including monthly and living expenses.
Venmo’s new scheduling feature provides an easy way for users to manage these payments by automating simultaneous or recurring payments.
“We know that many of our users make regular payments on Venmo for things like their rent or utilities,” said Alexis Sowa, Vice President and General Manager of Venmo. “We’re excited to introduce this highly requested feature that provides an easy way to set up and manage one-time and recurring payments in the Venmo app to continue our commitment to delivering the best P2P experience to our users.”
How to Set Up One-Time or Recurring Payments and Requests
Venmo users can set up one-time or recurring payments in the app by following these steps:
- Select the “Pay/Request” option.
- Confirm the recipient with the payment.
- Tap the “Schedule” button.
- Choose the frequency and payment days (monthly, weekly, or bi-weekly).
- Tap “Save.”
- Confirm the payment amount.
- Tap “Pay.”
- Select “Edit Payment.”
Venmo will use the user’s available balance to fund the scheduled payment. If the balance is insufficient, the application will automatically withdraw money from the linked bank account, debit card, or credit card. Users will receive email and action notifications the day before a scheduled payment is processed, and can view upcoming payments or cancel a scheduled payment through the app’s settings page.
In addition to sending payments, users can also schedule payment requests following the same process. Scheduled application recipients will also receive email reminders and action notifications the day before the payment is due.
Availability
The new scheduling feature is rolling out now and will be widely available to all Venmo users in the coming weeks.
Photo: Venmo
