Payments

Venmo launches instant transfers to US bank accounts

  • Venmo users get added functionality.
  • But more importantly, Venmo is still searching for a road to monetization.
close

Email a Friend

Venmo launches instant transfers to US bank accounts

Venmo announced support today of instant transfers to U.S. bank accounts. Users of the PayPal-owned payment app can move money out of their Venmo account to a bank account instantly.

Take the Express train: Venmo already offered the ability to transfer money out of Venmo to a bank account, but that took one to three days. This new instant transfer service works in a matter of minutes.

Increased monetization: Venmo’s standard bank transfer service is free. Users who want faster service can pay up.

  • To use instant bank transfers, it will cost 1 percent of the money transferred with a minimum fee of $0.25 and a maximum fee of $10.
  • Venmo launched a similar service for instant transfers to debit cards earlier in 2018.
  • Venmo continues to search for monetization channels to capitalize on 40 million active accounts. These efforts include debit card and merchant fees for using Venmo.
  • Competition with Square’s Cash App continues to increase, as both firms are aggressively trying to bring in new users

More options for instant: In addition to Venmo instant transfers, U.S. consumers are getting a lot more options to make instant payments.

0 comments on “Venmo launches instant transfers to US bank accounts”

Payments

Worldpay from FIS reduces barriers to entry into the crypto market with MoonPay partnership

  • Worldpay is working with crypto firm MoonPay to enable easier buying and selling of cryptocurrencies.
  • MoonPay will leverage Worldpay’s technology to allow users to purchase cryptocurrencies and NFTs with credit and debit cards.
Ismail Umar | July 28, 2021
Payments

QuickBooks introduces new payments hardware for small businesses as everyone guns for Square

  • Intuit has introduced a new innovative, inexpensive card reader targeting small businesses.
  • Square's rising dominance over the SMB payment ecosystem is increasing competition around SMB payments.
Zachary Miller | July 26, 2021
Payments

Emphasizing high APY, Amex debuts checking account for SMBs

  • Kabbage Checking offers one of the highest APYs available to SMBs with 1.1 percent interest on balances up to $100,000.
  • SMBs can also access a line of credit between $1,000 and $150,000.
Shehzil Zahid | July 07, 2021
Payments

Capital One launches new flexible payment options for small business customers

  • Cash flow problems are among the biggest challenges facing small businesses, particularly during the pandemic.
  • Payments startup Melio will provide access to accounts payable and receivable cash flow management tools for Capital One’s SMB customers.
Ismail Umar | June 29, 2021
Payments

Affirm’s new deal with Shopify bakes it into Shop Pay Installments

  • The partnership gives Affirm a new distribution route with access to 1.7 million merchants.
  • A Barclays report says investors are underappreciating the partnership but that there’s no need.
Shehzil Zahid | June 24, 2021
More Articles