As Venmo already made life easier with free and instant P2P transactions for everyone, it is now taking a step further to offer group payments feature in its app. Venmo’s new feature will allow users to create a group account to make group transactions easier, faster and hassle free. Venmo clearly identified the current problems with group payments that include lost checks, delayed payments by group members and complicated spreadsheets. Venmo’s group accounts will help users easily pay dues, issue reimbursements or collect money for an event. This new feature also has an option to have admins for the group who can manage and supervise the transactions. It’s new feature targets various clubs, committees and even office groups.
However, Venmo is not the first one to launch group accounts and payments. Tilt also offers group payments feature for free. It also offers other features like fundraising and selling things with a small fee of 2.5%. Tilt has already identified Venmo as a competitor, which can clearly be seen in their recent Adwords campaign. Group Pay is a similar app that is making contactless payments available for social groups and clubs. However, it has not been launched yet. Splittr is a close competitor to Venmo since it offers complete reports of the expenses happening in the group. However, it is a paid app. Glassjar is another app that makes group payments easier in a fun way with games inside the app.
With so many players in the emerging payments industry, it will be an exciting journey for Venmo to bring its magic to group payments. Venmo Groups is still in beta. However, you can use it using your existing Venmo account.