Venmo, the mobile payment service owned by PayPal that easily lets users make and share payments with friends, recently announced the launch of its first-ever credit card thanks to Venmo's expanded relationship with Synchrony. Synchrony's cutting-edge technology -- including program management and data analytics -- will give Venmo credit card users a personalized shopping and payment plan and new ways to interact with joint purchases.
The new credit card will cater to Millennials who "are looking for leading-edge digital capabilities like around-the-clock access, personalization, simple but powerful mobile apps with granular controls and alerts, and rewards." Venmo has already mastered many of these aspects -- which is what gave the brand its huge brand following with Millenials -- however, we can expect consumer loyalty to increase with the credit card launch.
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