PayPal owned mobile payment service Venmo has introduced a new service that allows users to instantly transfer funds to US bank accounts.
The new service will enable the customers move their money from the app to their bank account faster.
The launch follows the introduction of instant transfer via debit card by the company last year. It allows the customers to transfer funds from their eligible Visa and Mastercard debit card to their bank account, against a 1% fee.
The same fee structure is applicable on the newly introduced instant transfer service. The launch of the new instant transfer service will provide Venmo customers with another alternative to access funds.
In a blog post, Venmo said: “Transfer speed depends on your bank and could take up to 30 minutes. Transfers are reviewed which could result in delays or funds being frozen or removed from your Venmo account.”
Additionally, Venmo will continue to provide the standard bank transfer service which takes around one to three business days to complete.
The new Venmo instant transfers service will be made available to users in the following weeks. Subsequently, the customers can update the Venmo app to avail the new feature.
Earlier this year, Venmo launched limited edition Rainbow card. The offering leverages combination of colours to make it appealing for customers.
Last year, the company launched six other vibrant cards.