Venmo has announced the launch of its `set it and forget it` feature, developed for scheduling payments and requests on a monthly, weekly, or biweekly basis. Following this launch, Venmo aims to make it easier for customers to send repeat payments to friends and family, or schedule specific transactions and payment requests ahead of time.

The new P2P feature is set to allow Venmo clients to schedule these as one-offs or on a monthly, weekly, or biweekly basis. The services are set to be widely available in the application in the following weeks, according to officials of the company. In addition, Venmo will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.

More information on the product launch Throughout this launch, there are multiple practical use cases, including the possibility to set up scheduled payments between roommates for their share of rent, utilities, or other fixed household costs, as well as the capability to send out recurring reminders to those who forget to pay on time. At the same time, the feature will be supported on the Venmo Teen accounts, which will allow family members to send allowance money on a set schedule, or proactively set up a payment on birthdays. Furthermore, an email and push notification reminder will be sent to users and customers a day ahead of an upcoming scheduled payment once it is set up.

Customers will also have the possibility to set an end date for both scheduled payments and requests if they are required for a fixed duration or, as an alternative, can manually cancel ongoing recurring payments and requests in the Venmo settings page if they are not needed anymore. In addition, users will be allowed to select which day to send out the payments or requests on a monthly schedule in order to align with things like an incoming salary or ongoing bills. Source: Link .