Social distancing and fee of virus infected materials is creating the opportunity to encourage more electronic payment transactions. To support and encourage this, Venmo increased their allowable limits for person-to-person payments and for Pay with Venmo purchases. The limits for registered Venmo customers was highlighted on their disclosure pages and shared here:
If you have not yet completed identity verification, you will have a lower weekly spending limit of $299.99. This limit includes person-to-person payments and payments to authorized merchants.
To verify your identity, click the ☰ button at the top of the app, tap “Settings,” and tap “Identity Verification.”
If you have completed identity verification, your combined weekly spending limit is $6,999.99. This limit includes person-to-person payments, payments to authorized merchants, and purchases with your Venmo Mastercard debit card.
|Overall Combined Sending Limit:|
|Person-to-Person Payments||Authorized Merchant Payments||Venmo Mastercard Debit Card Purchases|
|Maximum Weekly Spending||$4,999.99||$6,999.99||$6,999.99|
|Per Transaction Limit||$4,999.99||$1,999.99||$2,999.99|
Note: the person-to-person sending limit is capped at $4,999.99.
Perhaps this is intended to help their customers find greater use in their Venmo product in comparison to bank accounts or other prepaid products, many of which have lower spend limits.
Overview provided by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group.