PayPal-owned mobile payment service Venmo has introduced its first credit card, which offers automatic cash back on every purchase, personalised rewards and a mobile-first experience.
The Venmo Credit Card, which is issued by Synchrony and powered by the Visa network, is now available for select customers and will be available to all eligible Venmo customers in the US in the coming months.
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The card offers up to 3% cash back on the customers’ top spend category and provides an intelligent rewards system to manage and personalise spending habits of customers.
Customers an easily manage their card and spending right in the mobile app with the help of the card, which features an RFID-enabled chip.
Each card is printed with a customer’s unique QR code on the front and can be scanned through a mobile phone camera to activate the card, or in the Venmo app by friends for sending a payment or split purchases.
Customers can quickly freeze their physical card directly from the app if it is lost or stolen and continue to use their virtual card for online shopping.
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By GlobalDataVenmo senior vice president & general manager Darrell Esch said: “We’re excited to introduce the Venmo Credit Card, giving our community a new kind of mobile-first credit card – backed by Visa – that only Venmo and Synchrony can provide.
“The card gives our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program, that’s all seamlessly managed and controlled from the Venmo app.”
More than 60 million people use the Venmo app, which has been offering fast, safe, social payments between friends since 2009.
