The new Paypal Venmo Debit Card is here and it’s further bridging the gap between your life and your phone. Venmo has recently announced that its new MasterCard debit card will enable Venmo users to make both in-store and online payments with the balance on their Venmo app.
The card is issued by the Bancorp Bank and is being unveiled with the mission to expand Venmo’s potential and help the company reach more and more young consumers.
Consumer Affairs reports that the peer-to-peer payment app says that if a cardholder has a low balance, the card will reload using the user’s preferred funding source. Venmo says its new card will allow up to $400 in daily withdrawals. There’s a $2.50 fee to withdraw money from your Venmo account using an ATM, but no fee to make regular purchases.
Card purchases will show up on a transaction history in the app, which will give users the ability to split charges among friends. Also within the app, users can deactivate the card when it’s misplaced and then reactivate it when it’s found.
The card features a vertical design and comes in a choice of six colors — yellow, pink, blue, green, black, and white. It has a chip for security and an icon near the chip that indicates support for contactless payments.
Venmo says users can now “get in line” for the card, adding that it’s striving to quickly move people off the waitlist and process applications. There’s no fee to sign up for it, and it should arrive within 5 to 7 days after approval. The card can be used everywhere MasterCard is accepted, but only in the United States.
Last fall, PayPal added the ability for Venmo users to shop on the mobile web at almost everywhere PayPal is accepted. In the first quarter of this year, Venmo processed around $12 billion in payments.
Will you be using the Paypal Venmo Debit Card? Let us know! Send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from all of you.