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

Zuora updates its platform with ‘unified monetization’

  • The new tool lets merchants package a one-time purchase and a recurring purchase within a single offering.
  • Unified monetization could help Zuora appeal to companies that rely mostly on one-time purchases for their revenue stream, but could see subscription offerings as a way to expand.
Rivka Abramson | October 04, 2021
Payments

Trustly adds instant payouts to US offerings

  • Trustly's offering, in partnership with Cross River Bank, allows businesses to complete near-instant disbursement of funds through its platform.
  • Industries that can benefit from the offering include retail, marketplace, insurance, and sports betting companies, says Trustly.
Subboh Jaffery | October 01, 2021
Payments

The payments space is getting closer to really serving B2B

  • B2B payments is a massive field that still hasn't seen a single player make a huge mark.
  • That's changing as a new class of fintechs set their sights on the space.
Ismail Umar | September 20, 2021
Payments

‘E-commerce subscriptions are about stability and predictability for consumers’: Behind Recharge’s recent growth

  • As more consumers started subscribing to various purchases during the pandemic, Recharge saw its own growth in revenue.
  • But are subscription services enough to stand on as a payments company?
Rivka Abramson | September 15, 2021
Payments, Sponsored

Gig workers are paving the future of payments

  • The gig economy is here to stay, and it's growing across the globe.
  • These are the four major trends shifting the payments space.
Nium | September 08, 2021
More Articles