Venmo gets payment scheduling

Venmo makes it easier to send repeat payments to friends and family or schedule specific payments and payment requests in advance. With the new P2P feature, Venmo users can schedule it once or monthly, weekly or bi-weekly. Venmo says it will be generally available on the app “in the coming weeks.”

There are many practical use cases for this, such as setting up scheduled payments between roommates for their share of rent, utilities, or other fixed household expenses, or sending recurring reminders to those who forget to pay on time. The feature is also supported on Venmo Teen accounts, so family members can use it to send spending money on a set schedule or proactively set up a payment on birthdays.

Once payment is set up, users will be sent an email and push notification reminder one day before an upcoming scheduled payment. Users can also set an end date for scheduled payments and requests if they are needed for a specific duration, or alternatively, manually cancel ongoing recurring payments and requests from the Venmo settings page if they are no longer needed.