Venmo is introducing a ‘set it and forget it’ feature for scheduling payments and requests on a monthly, weekly, or biweekly basis.
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Venmo is making it easier to send repeat payments to friends and family or schedule specific payments and payment requests ahead of time. The new P2P feature allows Venmo users to schedule these as one-offs or on a monthly, weekly, or biweekly basis. It will be widely available in the app “in the coming weeks,” according to Venmo.
There are plenty of practical use cases for this, such as setting up scheduled payments between roommates for their share of rent, utilities, or other fixed household costs or sending out recurring reminders to those who forget to pay on time. The feature is also supported on Venmo Teen accounts, meaning family members could use it to send allowance money on a set schedule or proactively set up a payment on birthdays.
An email and push notification reminder will be sent to users a day ahead of an upcoming scheduled payment once it’s set up. Users can also set an end date for both scheduled payments and requests if they’re required for a fixed duration or, alternatively, can manually cancel ongoing recurring payments and requests in the Venmo settings page if they’re no longer needed.
