Venmo Simplifies Process for Settling Your Monthly Rent Payments
Vibe Check: Venmo, the app that used to be the cool kid on the block for handling quick cash transactions between pals, is shaking things up with a fresh feature — scheduled payments. Say farewell to those pesky reminders about settling up your half of the utility bill or rent. Now, you can set up one-time or recurring payments to your roomie, and simplify your life.
The unveiling of this feature isn't just for show. It's a long-awaited request from users, and Venmo has finally answered the call.
Here's how it works: users receiving a scheduled payment request will get a push notification, and they have the power to stop it at any time via the settings menu. Plus, they'll receive a friendly reminder the day before the payment is set to process, just in case they want to cancel it.
Payments and requests can be set to occur once, weekly, biweekly, or monthly, giving users plenty of flexibility.
Venmo isn't only about keeping friendships afloat with easy transactions any more. It acts like a bank too, offering direct deposit along with debit and credit cards. This has been beneficial for people who were previously unbanked due to expensive monthly or overdraft fees.
With the new recurring feature in place, Venmo may be on the way to catching up to Zelle in transaction volume. Even though Venmo has a more recognized brand, Zelle, a partnership between major banks created to compete with Venmo, already has payment scheduling. Most major banks offer Zelle to their customers, so this new feature gives Venmo a boost.
Now, let's silence the question about whether crypto could have already handled all this. It's a topic for another day, my dear.
The new scheduled payments feature on Venmo, a popular tech application, is aimed at streamlining transactions between roommates, eliminating the need for reminders about utility bills or rent. This long-anticipated feature gives users the option to set up one-time or recurring payments to their roommates.
Upon receiving a scheduled payment request, users will be notified via a push notification and have the ability to halt it at any time through the settings menu. Additionally, they'll receive a notification the day before the payment is due, allowing them to cancel it if needed.
As Venmo broadens its service offerings, such as direct deposit and debit/credit cards, it is not only preserving friendships through hassle-free transactions but also offering a banking-like experience to those who were previously underserved by traditional banking institutions.
With the addition of the recurring payment feature, Venmo may strive to match transaction volumes of competitors like Zelle, a partnership between major banks, which already includes payment scheduling. Given that Zelle is widely available through major banks, this new feature may provide an advantage for Venmo in the market.
