PayPal to Launch Debit Card for Venmo Users

PayPal, which owns mobile app Venmo, has announced that it will be launching a debit Mastercard for users of the app.

The move may help broaden the company’s reach when it comes to young users of the digital payment app.
Venmo is considered to be one of the most popular applications that people use to send person-to-person payments in the U.S.

According to the announcement, Venmo users will be able to use the Venmo Mastercard to pay in stores using the balance on their app, rather than have to transfer money to their bank account.

The debit card for Venmo is now in limited release and will be issued by Bancorp Bank. It will allow up to $400 in daily withdrawals and comes in six color options—white, yellow, pink, blue, green, and black.

It was in October of last year that the company started to allow Venmo users to pay using the app at over two million online retailers.

Disclaimer: We have no position in Paypal Holdings Inc. (NASDAQ: PYPL) and have not been compensated for this article.