With people under stay-at-home orders throughout the nation, many are finding themselves short on cash. That’s increasing their reliance on electronic payment services. Now, Venmo is easing some of its rules to facilitate payments.
The company has increased its sending limits to $4,999.99 per week for person to person payments. That’s a 40% increase from the previous limit of $2,999.99.
Authorized payments can now reach as high as $6,999.99 per week.
While cash transfers of that size are uncommon for most users, the relaxed limits do give Venmo consumers more flexibility to conduct transactions without having to go to an ATM or bank teller and possibly expose themselves to the COVID-19 coronavirus.
It could be especially useful as people receive their $1,200 stimulus checks and look to either pay bills, assist others whose financial straits are more dire than their own, or spend the downtime shopping online.
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