Venmo
Recurring Transactions
Problem
For those who organize family plans, pay rent with roommates, or manage any recurring group payments, it's a large hassle to have to Venmo request the group every month for the monthly cost.
Solution
Build a feature that pre-loads any recurring transactions.
Audience
Users who manage monthly group payments or users who pays someone monthly.
Impact and Level of Effort
Business Impact: Making it easier for users to quickly charge or pay recurring payments ensures users come back while reducing frustration in accomplishing tasks that may be frustrating to think about every month. Many of our repetitive tasks in our lives are already automated (ie: auto-pay) so that we do not forget important tasks! Venmo should help users do the same. In order to prevent overpaying or overcharging, these recurring transaction should never be automatically issued. It should prompt users to come into the app and approve of the transaction before sending it out.
Technical LOE: Designed to mirror the Group feature, Venmo should already have most of the components needed to create Recurring Transactions. The only extra step needed for this flow would be to trigger a prompt before the transaction occurs, would mirror the notification and prompting of when a user requests money in the app. Overall, this would be a lower effort feature that would bring great impact to Venmo.