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.
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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.

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