Venmo today announced a new, highly requested feature that allows users to schedule one-time or recurring payments or requests with friends and family on Venmo.
Users can use the new feature to set up one-time or recurring payments monthly, weekly, or bi-weekly in advance.
Research shows that more than 84% of consumers have used a peer-to-peer service1 with common payments including monthly rent, utilities, and other regular living expenses. Venmo’s new feature makes it easier to manage one-time or recurring expenses by setting up automatic payments or payment requests to another Venmo user.
“We know many of our users make payments on Venmo on a regular basis for things like their share of rent or utilities,” said Alexis Sowa, Vice President and General Manager, Venmo. “We’re excited to introduce this highly requested feature which offers 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 possible P2P experiences for our users.”
Venmo users can set up a one-time or recurring payment by following a few simple steps in the Venmo app.
Select Pay/Request
Confirm the recipient of the one-time or recurring payment
Tap the “Schedule” button
Confirm the frequency and dates for the one-time or recurring payment
Tap “Save”
Confirm the payment amount
Tap “Pay”
Select “Schedule Payment”
Venmo will fund a scheduled one-time or recurring payment from a user’s balance if the user’s balance is available and can cover the full payment amount - if not, Venmo will use the user’s backup payment option such as their linked bank account, debit card or credit card to cover the full amount. They will also receive an email and push notification reminder a day ahead of an upcoming scheduled payment and can choose to view upcoming scheduled payments on their transaction page or cancel a scheduled payment in the settings page.
Venmo users can also set up a scheduled payment request just as easily.
Select Pay/Request
Confirm the recipient of the one-time or recurring payment request
Confirm the frequency and dates for the one-time or recurring payments
Tap “Save”
Confirm the payment amount
Tap “Request”
Select “Schedule Request”
Similar to a scheduled payment to be sent, Venmo will send an email and push notification reminder to recipients of a scheduled payment request a day ahead of the requested payment date. Users can also cancel a scheduled payment request in the settings page.
This new feature is rolling out now and will be widely available in the coming weeks.