PayPal’s mobile payment service Venmo has introduced its own contactless Mastercard debit card as a limited release in the US.
Available in six colour variants, the new Venmo card will enable customers to use their Venmo balance in-store, at all US merchants accepting Mastercard.
The Venmo Mastercard, which is issued by Bancorp Bank, can also be used to withdraw cash at certain ATMs across the country.
Withdrawals at MoneyPass ATM will be free of charge, while transactions at non-MoneyPass ATMs will have a domestic withdrawal fee of $2.50.
A statement by Venmo read: “With the Venmo card, you can use your Venmo balance in more places. In fact, you can now use it in most places you already shop, even in-store.
“We’ll use your linked funding source to reload your Venmo balance so you can make that card purchase. Plus, Venmo card is ATM-friendly in the US for when you have to try that cash-only ramen spot.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Transactions made using the new card can also be tracked within the payment service app, in turn supporting easy splitting among friends.
Users can additionally choose to receive alerts upon each purchase and disable the card using their Venmo app, in case of loss.