Venmo has introduced a new feature allowing users to schedule payments and requests, which can be set up as one-time events or recurring transactions. This long-awaited feature lets users automate sending payments or requesting funds at regular intervals, such as monthly, weekly, or bi-weekly.
In addition to the scheduling options, Venmo provides a push notification reminder one day before any scheduled payment is set to go out. This reminder gives users time to ensure their account has sufficient funds. If a Venmo balance is insufficient, the platform will automatically pull the necessary funds from a connected bank account.
These updates aim to simplify peer-to-peer payments, particularly benefiting individuals who handle shared expenses, such as rent or utility bills. Venmo reports that 84 percent of its users rely on peer-to-peer payment services to cover living costs like rent and utilities.
Venmo’s scheduled payment feature is also a helpful tool for those who struggle with managing payments on time, offering a solution to missed bills even when the funds are available.
The scheduled payments and requests feature is part of a broader set of recent updates to Venmo, which also includes the integration of tap-to-pay for Android phones and the ability to send cryptocurrency through the platform.
