Venmo has launched a feature to make it easier to track, split, and manage multiple or ongoing expenses among groups like friends, family, and roommates.
More than 80% of Americans say they've used P2P services for things like paying rent, household costs and travel expenses, according to a LendingTree study.
Venmo Groups promises to take make the process easier by automatically calculating the individual amounts due based on the overall spend of each person in the group. All members of the group can track and add expenses, see amounts due, and settle up.
Erika Sanchez, GM, Venmo, says: "We know managing ongoing expenses in a group can be challenging, in particular when each member covers different costs with different amounts at different times.
"As one of our most requested features, Venmo Groups offers a seamless solution for users to better track and settle shared expenses in group settings."