If you use Venmo to make a recurring payment to someone, like rent to a roommate every month or your portion of a shared streaming service, your life is about to get a little easier.
According to The Verge, scheduled payments are coming to Venmo soon. These will let you set a one-time payment for a specific date in the future or recurring monthly, weekly, and bi-weekly payments. There’s also an option to send a payment on the last day of each month.
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You can set an end date for the payments to stop, or they can continue to send indefinitely. You can cancel recurring payments at any time. As a reminder, Venmo will send you an email and a push notification about 24 hours before a recurring payment is scheduled to be sent.
Like other payments on Venmo, the transaction can be set to public, meaning your friends can see it, or private, where it will only be visible to the sender and recipient.
The option is even coming to Venmo Teen, the special account type specifically for 13 to 17-year-olds, meaning family members can do things like set a payment to arrive on a teen’s birthday or set an allowance for every week.
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Peer-to-peer payment apps have exploded in popularity over recent years, with some studies estimating that more than 90% of Americans have used one at some point, and 51% of Americans use them regularly. CashApp, Venmo’s biggest competitor, doesn’t have a recurring payment feature at this time, but does have recurring deposit options. Zelle has a recurring payment option that lets you schedule payments to friends.
Venmo didn’t give a specific timeframe for rollout, only saying the new feature will arrive “in the coming weeks.”
