Venmo is going physical. The popular digital wallet app announced this week that it would be offering its users a physical debit card, enabling them to use their Venmo funds wherever they go. This card promises to complement the Pay with Venmo function, which allows users to pay merchants directly from their phone using the Venmo app.
Venmo is going physical. The popular digital wallet app announced this week that it would be offering its users a physical debit card, enabling them to use their Venmo funds wherever they go. This card promises to complement the Pay with Venmo function, which allows users to pay merchants directly from their phone using the Venmo app. Where Pay with Venmo is not accepted, the Venmo card offers a solution.The company originally tested a VISA card with select users last year. While the features of the new Mastercard version are nearly identical, it boasts a bright, new design in a large collection of colors. The new card is also NFC-enabled, meaning users can just tap their Venmo card to pay, rather than having to swipe or insert it into the payment terminal.
The Venmo card is advertised as a limited release, but users can sign up for the card now through their Venmo app. After processing, users can expect to receive the card within a week. The card itself is free and charges no usage fees, but users can expect to pay a $2.50 fee when using the card to withdraw cash from a Venmo account using an ATM.Venmo cardholders will experience much of the same functionality as the Venmo app when using their Venmo cards. Just as with app transactions, card activity will update in the app in real time and card transactions will appear on Venmo’s unique social timeline, enabling users to comment on and share their friends’ purchases. The card also has an auto-reload feature, which will automatically pull funds in $10 increments from the user’s connected bank account when Venmo funds are not sufficient to cover a purchase. The card comes equipped with some basic security measures: users can halt card activity if the card is stolen, or even cancel the card completely in their mobile app.For more information about the Venmo card, visit www.venmo.com/card.
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