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:
- Convenience: The process of “paying back” following an activity can be time consuming and stressful. Venmo Groups reduces the steps needed by placing all calculations and transactions directly into the Venmo app consumers know and love, so less time is spent managing expenses and making multiple transactions.
- Shared management: Instead of designating one person to track all expenses, Groups opens the task to everyone and records all transactions for peace of mind. It’s easy for everyone in the group to add expenses, see amounts due, and settle up.
- Connectivity: Groups makes it simple to spend and stay connected to friends, family, and people in their community to share expenses for all types of activities from a little league group, neighborhood supper club, to kickball teams, book clubs, and more.
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.
How to Create a Group in the Venmo App:
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.