Venmo Will Now Allow Instant Transfers to Other Bank Accounts
Daniel Johnson — August 13, 2019 — Tech
References: blog.venmo & engadget
Venmo instant transfers are no longer exclusive to users sending money to a debit card. The Venmo platform will now allow users to access instant transfer features to other bank accounts. The new feature will be rolled out it the next few weeks. Additionally, free transfers are still available for customers who are okay with waiting for one to three business days. Venmo's new instant transfer feature is aimed at users who require money transfers urgently and therefore may pay for the service.
The instant transfers feature will have a 1% transaction fee, which has a minimum $0.25 transfer fee, and a maximum fee of $10. The quick transfer feature could be used by people who need money to be transferred on a strict timeline.
The instant transfers feature will have a 1% transaction fee, which has a minimum $0.25 transfer fee, and a maximum fee of $10. The quick transfer feature could be used by people who need money to be transferred on a strict timeline.
Trend Themes
1. Instant Money Transfers - The ability to transfer money instantly is becoming a key expectation for users, presenting opportunities for companies to disrupt traditional methods of transferring funds.
2. Expanded Instant Transfer Options - Expanding instant transfer options beyond debit cards to include other bank accounts opens up new possibilities for seamless and convenient money transfers.
3. Paid Instant Transfer Services - The introduction of paid instant transfer services caters to users with urgent money transfer needs, creating a new revenue stream for companies in the finance industry.
Industry Implications
1. Fintech - The fintech industry can leverage instant money transfer trends to develop innovative solutions that disrupt traditional banking and remittance methods.
2. Payment Processing - Payment processing companies can incorporate expanded instant transfer options to enhance their platforms and attract more users seeking seamless money transfer experiences.
3. Mobile Banking - Incorporating paid instant transfer services in mobile banking apps can offer added convenience and speed to users, making them a more appealing choice for financial transactions.
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