Venmo has added another option for instant transfer of money to a bank account, according to a blog post by the company on Monday (Aug. 12).
“Having money in your Venmo account is an awesome feeling — it makes paying friends and family that much easier,” the company said. “We also know that sometimes you need other ways to access that money. This week, we’re excited to announce another way for you to instantly access your funds!”
Last year, Venmo added an option to do an instant transfer through a debit card, which would get the money to a bank account in minutes for a 1 percent fee, with a minimum of 25 cents and a maximum of $10.
Now, the company has an option to transfer money to the bank without a debit card for the same fee. The standard bank transfer, which is free and takes between one and three days, is still available.
“The new transfer option begins rolling out today and will be widely available in the coming weeks so make sure to update your Venmo app!” the company said.
Venmo, which is owned by PayPal, hit 40 million active users in Q1 of 2019. PayPal CEO Dan Schulman announced the news during an earnings call.
“Venmo continues its significant momentum,” Schulman said on a call with analysts. “As user growth continues to accelerate, merchants are increasingly turning to Venmo as a way to attract a valuable and engaged consumer base.”
That update was a bright spot in a bit of a mixed bag of earnings results. PayPal reported adjusted earnings per share of 78 cents per share, ahead of estimates of 68 cents forecast by analysts pre-release, with revenue roughly in line with estimates of $4.13 billion.
Total payments volume for the quarter, however, was a miss, coming in at $161 billion, instead of the $163 billion analysts expected prior to the release. PayPal’s TPV was up 25 percent year on year.