Venmo to roll out its own credit card in 2020
Now, millennials can make their thrift store purchases and buy avocados using a Venmo credit card.
A year after introducing a debit card, Venmo is now going to roll out its first-ever credit card. The initiative, created in partnership with Synchrony, will allow for more ease and access for people paying on the go.
Venmo, owned by PayPal, has allowed user-to-user payments and the aforementioned debit card before but this new foray will expand the reach of the fast-expanding company. Before, Venmo could only be used with partners for payment such as Uber, Grubhub, Eastbay, Foot Locker, Lululemon and Poshmark among others. Now, the potential is there for this co-branded credit card to have an incredible reach.
According to their release, the new credit card will hit a checklist of wants and expectations for millennials who want to use a mobile app payment almost exclusively.
“The new Venmo credit card program will combine Venmo’s expertise in mobile design and social user experience with Synchrony’s industry-leading technology, program management capabilities and data analytics to create personalized shopping and payment experiences for the Venmo user base,” Synchrony said in a statement.
Synchrony is a financial services company that boasts $140 billion in sales and 80.3 million active accounts.
The card is expected to be available next year. The partnership between Venmo and Synchrony on this credit card is for the next 15 years.
A year ago, Venmo released a debit card in conjunction with MasterCard. It boasted no sign-up fees and was available to most Venmo users via the mobile app.