Venmo has launched its first-ever rewards program, which the company titled ‘Venmo Rewards.’ With the new program, consumers are able to earn money back on different purchases made through the Venmo platform. Currently, Venmo Rewards will give consumers five percent cash back at a number of different stores including, Target, Dunkin', and Wendy’s. Sephora shoppers can also get cashback, however its at a rate of four percent.
As more stores are added to Venmo’s reward program users can check in the Venmo app to see which stores will have cashback deals. As more companies enter the space of online money transfers, a rewards program could incentivize consumers to continue to use the Venmo platform.
Image Credit: Venmo