Venmo today announced the introduction of Venmo Groups, a new in-app feature that lets users easily track, split, and manage multiple or ongoing expenses among groups like friends, family, roommates, partners, and more. Venmo Groups automatically calculates the individual amounts due based on the overall spend of each person in the group, reducing the need for spreadsheets, multiple apps or mental math to settle up.
More than 84% of consumers say they’ve used a peer-to-peer service1, with common payments ranging from monthly rent to household costs and travel expenses. With a growing reliance on digital payments to split payments between friends and family, consumers are looking for simplicity and convenience when it comes to splitting multiple expenses in group settings.
“We know managing ongoing expenses in a group can be challenging, in particular when each member covers different costs with different amounts at different times,” said Erika Sanchez, Vice President and General Manager, Venmo. “As one of our most requested features, Venmo Groups offers a seamless solution for users to better track and settle shared expenses in group settings.”
With its intuitive design, Venmo Groups offers:
Venmo Groups are designed to be ongoing, allowing new expenses to be added and calculated throughout the existence of the group. As consumers enter the busy holiday season with group gatherings and trips, there’s now a simpler way to calculate costs and better manage budgets.
Venmo users now have access to the Groups feature through their “Me” page. Under the “Groups” tab, users can create a group. Once a member of a group, individuals can add expenses and settle up in just a couple taps.
Venmo Groups is rolling out to select customers today with the latest app version and will be widely available in the coming weeks. Those without a Venmo account can sign up online or download the Venmo app through the Apple or Google Play app stores.
1Peer to Peer 2022 LendingTree Consumer Study
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