Expensify says its new app marks its first foray into the personal payments space.
The company said the new product announced Monday (October 23) is an extension of its expense management technology designed for consumer payments.
Expensify founder and CEO David Barrett described the app as “the consumer-facing love child between WhatsApp, Venmo, and Splitwise.”
The launch will enable groups such as friends, roommates, student organizations, church groups, neighborhood associations, and professional associations to use Expensify for financial collaboration, according to a company news release.
“Let’s say you’re planning a trip with friends,” Barrett says. “You start a group chat on New Expensify and decide to book an Airbnb. Once the reservation is complete, scan the receipt, enter it in the same chat, split it among everyone, and the transfer request will automatically start Your friends can also refund you in-app, and all payments are made with just a few taps.”
Expensify is piloting an early version of New Expensify Installments at its Money20/20 conference in Las Vegas this week, offering groups of attendees who will use the app to split their dinner and drink bills. announced (the upper limit is the set amount).
The announcement comes as consumers increasingly recognize the appeal of integrated platforms or everyday apps that bring together shopping, banking and other everyday digital tasks.
Findings detailed in “Consumer Interest in Everyday Apps,” a PYMNTS Intelligence and PayPal joint study, show that a growing number of consumers in the U.S. and Australia are looking to simplify their everyday shopping and banking experiences. It shows that you are looking for a way to do it.
The survey also shows that approximately 60% of U.S. consumers are interested in using everyday apps to manage their banking transactions.
“Digging into the data further reveals consumers in both countries desire to integrate app-based retail and grocery shopping into everyday apps,” PYMNTS wrote last month. “In fact, nearly 7 in 10 U.S. respondents expressed a strong desire for an app that combines retail and grocery shopping activities.”
Additionally, managing personal banking and managing savings and investments are features that nearly 60% of consumers say they want in their everyday apps.