Jun 25, 2018

Venmo goes plastic, launches debit card for younger consumer appeal

Debit cards in a row

Screenshot from Venmo.com/card. Kim Hart/Axios

Venmo officially launched a physical debit card Monday so users can purchase items using their Venmo balance through a Mastercard.

The big picture: Venmo’s move to plastic stems from the reality that some people prefer a physical card in their wallet, according to The Verge. Like Square's prepaid card launch last year, “peer-to-peer” payment apps are targeting how younger consumers are using payment cards and online banking services.

The features:

  • Records transactions to Venmo make splitting bills among users much easier.
  • The card can be used at an ATM where users can withdraw money from their Venmo balance.
  • "Swipe-free" shopping.
  • If a user's Venmo balance is low, the card can refill it from a preferred source.
  • Only available in the United States.
  • Comes in six colors.
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