Venmo’s New Feature
Venmo recently released a new feature on their app, allowing select users to cash paper checks directly onto Venmo. This feature will first be rolled out to eligible users who may be receiving the government stimulus checks by mail, with Venmo waiving all fees associated with the transaction in order to maximize the much-needed money.
The company introduced this feature specifically to reduce the risk of infection that would be associated with standing in line at a bank or check-cashing location. However, it appears that while safety may be the initial reason for its inception, the feature will continue to exist well after the stimulus checks have been cashed. In fact, Venmo plans to expand the feature printed and payroll checks as well.
This addition to their app will all be part of the company’s effort to allow users virtual and in-home options to cash checks so that they don’t have to visit the physical locations. The check will usually be reviewed and approved within seconds and will transfer directly into the user’s Venmo account. However, the company will charge a small fee on the transaction unless it’s to deposit the stimulus check.
When speaking on the new feature, SVP and GM of Venmo, Darrell Esch said, “By introducing the Venmo Cash a Check feature, we are not only enabling our customers to access their money quickly and safely from the comfort of their own homes but are also waiving all fees for cashing government-issued checks to ensure customers can use their stimulus funds to pay for the things they need most.”
Venmo’s newest feature brings the platform one step closer to acting as a pseudo-bank in many ways. With the ability to cash a check directly into a user’s Venmo account, the need for traditional banking lessens even more. Additionally, Venmo’s newest service allows for many people to forego traditional banking methods in the name of public health and safety — a current priority given the state of the COVID-19 pandemic. The company has built a new and dynamic feature by expanding its offerings to cash checks that will certainly garner a large user base as more customers become eligible.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.