Venmo has quickly become the payment app of choice for many, but the Paypal-backed app has recently launched a Venmo debit card to appeal to those that still carry plastic. The new card will allow users to pay using their Venmo account anywhere Mastercard is accepted. The Venmo debit cards are still only available on a limited release and have just come out of a beta program that began in 2017.
The debit card will connect directly to user's Venmo accounts and will draw from the linked bank account to complete the purchase. This allows users to track all transactions through the Venmo app and will still allow them to split costs with friends. Connection to the app also includes a level of safety as the Venmo debit card can be canceled through the app if the card is lost or stolen.
Image Credit: Venmo
Why This Trend Is Growing
- Payment App Debit Cards
- Payment apps are offering physical debit cards as an additional payment option.
- App-linked Debit Card Tracking
- App-integrated debit cards are becoming popular for tracking transactions and splitting costs.
- Mobile Payment Innovation
- Mobile payment apps are innovating with physical card options for users.
Industries Being Reshaped
- Banking
- Banking institutions can benefit by integrating mobile payment options with physical debit cards.
- Retail
- Retailers can take advantage of increased payment options by offering mobile payment app integration with physical debit cards.
- Fintech
- Fintech companies could further develop mobile payment technology by adding physical debit card options to their apps.
