Venmo will soon let you set scheduled and recurring payments

If you use Venmo to make a regular payment to someone, such as a monthly roommate’s rent or your share of the rent Shared streaming serviceYour life is about to get a little easier.

According to to The VergeScheduled payments will arrive on Venmo soon. These will allow you to set a one-time payment for a specific future date or recurring monthly, weekly and bi-weekly payments. There is also the option to send payments on the last day of each month.

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You can set an end date to stop payments, or they can continue sending indefinitely. You can cancel recurring payments at any time. As a reminder, Venmo will send you an email and push notification approximately 24 hours before your recurring payment is scheduled to send.

Like other Venmo payments, transactions can be set to public, meaning your friends can see it, or private, where the transaction will only be visible to others. sender and recipient.

Options are even coming Venmo Teena special type of account specifically for 13- to 17-year-olds, meaning family members can do things like set a payment to come on a teen’s birthday or set a weekly allowance .

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Peer-to-peer payment apps have exploded in popularity in recent years, with some research estimates that more than 90% of Americans have used one and 51% of Americans use them regularly. CashApp, Venmo’s biggest competitor, doesn’t have a recurring payments feature at this time but does have recurring deposit options. Zelle There’s a recurring payment option that lets you schedule payments to your friends.

Venmo did not provide a specific time frame for implementation, only saying the new feature will launch “in the coming weeks.”