Venmo is making it easier than ever to turn your Venmo balance into everyday purchases.
The social payments platform announced an accelerated expansion of its commerce capabilities with new features. Customers will be able use their Venmo balances for everything from rideshares to cookware. And, they’ll have an opportunity to earn enhanced rewards in-store and online with the Venmo Debit Mastercard®.
“Venmo users trust Venmo to move money, so we’re making it easier — and more rewarding — to spend and live their lives with an app that moves as fast as they do,” said Diego Scotti, EVP, General Manager – Consumer Group.
Venmo’s growth is continuing to accelerate as more consumers use their balances for everyday commerce. In the first quarter, Venmo revenue grew 20 percent year-over-year. Pay with Venmo usage surged, with total payment volume up more than 50 percent, and monthly active accounts are up 30 percent.
Venmo Debit Card users can now earn 15% cash back from Sephora, Walmart, Lyft, McDonald’s, and Walgreens by activating their offers in the Venmo app to earn cash back on their eligible purchases in-store and online. They can also enjoy:
Tap-to Pay: Add the Venmo Debit Card to your mobile wallet to conveniently tap-to-pay in-store. Automatically add funds: Easily manage and top up your Venmo balance by setting up automatic transfers—either on a preset schedule or when your balance drops below a certain point.
Pay internationally: Use the Venmo Debit Card for purchases anywhere Mastercard is accepted around the world, with no international transaction fees on purchases.
Pass-through FDIC Insurance: With your Venmo Debit Card, your USD Venmo funds are held in Program Banks, where they are, subject to certain conditions, eligible for pass-through FDIC insurance up to $250,000 at each Program Bank.
FDIC insurance protects against the failure of a Program Bank, not Venmo. Venmo is not a bank, does not take deposits, and is not FDIC-insured. See Venmo User Agreement.
