Venmo unveiled a receipt scanning tool in a news release on Monday, Nov. 9. The feature automatically lists individual purchases and sends payment requests.
Users can take a photo of a receipt or upload an existing image, then assign each item to whoever ordered it. The app then calculates what everyone owes, including their share of taxes and tips.
The feature also allows users to pay certain purchases themselves while splitting the remaining costs among friends. It works across different mobile devices without requiring people to switch between apps.
Venmo is currently rolling out the tool, which is expected to be "widely available in the coming weeks."
"Splitting the bill is one of the most common things people do on Venmo, but it can also be one of the most tedious," Venmo general manager Alexis Sowa said. "With receipt scanning, a pile of math goes away with a single photo. Venmo does the heavy lifting so customers can get back to what matters: the meal, the trip, or the night out with friends."
According to a Morning Consult survey commissioned by Venmo, about 40% of adults ages 18 to 22 usually pay the full bill upfront before collecting money from others.
The survey also found that 20% of respondents split bills based on what each person ordered, while 15% divide the total evenly. Another 12% take turns paying or cover different portions of the bill, and 11% have one person pay before requesting everyone's share.
To use receipt scanning, customers can open the Venmo app, tap the V button on the home screen, and select "Scan receipt." The feature can also be used to split expenses from vacations, grocery shopping, and other group purchases.
Venmo also has a Groups feature that allows people like roommates and friends to track shared expenses over time, including rent, groceries, and household bills.
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