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April 23, 2019

Venmo nears deal with Synchrony to launch own credit card

Venmo is close to selecting Synchrony Financial to launch own branded credit card.

The Wall Street Journal reporter the news.

Venmo has been meeting banks since last year to discuss issuing such a credit card.

It was reported that Synchrony will be the card issuer. However, it is yet not clear which payment network will be used.

Details of the credit card, including rewards and other features, are still in the developing phase, the report added.

Venmo is hoping to announce its plans for a card later this year.

The company has been losing money for years. However, more than 27 million people are projected to make a Venmo payment this year.

The decision to launch own credit card follows Venmo’s last year agreement with Mastercard to launch its own contactless Mastercard debit card to boost revenues.

The Venmo Mastercard is available for withdrawals at certain ATMs across the country. Furthermore, it is issued by Bancorp Bank.

Recently, Synchrony Financial ended its partnership with Walmart.

In February this year, Synchrony launched a new credit card to provide financing options for all types of home-related purchases, including furniture and decor.

In January, Synchrony partnered with online retailer Fanatics to introduce a new credit card targeted at licensed sports merchandise and apparel purchases.

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