Venmo's newest feature helps users track, manage and settle group expenses Venmo is introducing a new feature called Venmo Groups that allows users to track and split group expenses. Users can add an expense and specify which group members are involved, and the app will automatically calculate individual split costs. The tool is designed for continuous group spending, such as among families or school clubs. Venmo Groups can accommodate up to 30 members, and users can be part of up to 20 groups simultaneously. The feature is being rolled out gradually and will be widely available in the coming weeks. Venmo Groups is a response to similar apps like SplitWise and SettleUp, but it offers native payment options, eliminating the need for extra steps. Venmo, owned by PayPal, is a popular finance app with over 90 million accounts in the US. However, the new feature comes as Venmo faces calls for increased federal scrutiny, with concerns about the lack of protections for funds stored in payment apps. The Consumer Financial Protection Bureau has proposed new rules to ensure that these companies meet security and regulatory standards.
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