If you live in the United States, you will be glad to know that PayPal’s additional payment platform, Venmo, has introduced some new debit card on the market.
Users of the card will be able to pay anywhere MasterCard is accepted across the U.S. The funds will be withdrawn directly from the Venmo account. Venmo began rolling out the service last year in beta. Though they are now fully operational, the service is available still on a limited release.
This development comes after PayPal’s move to bring Venmo to more places and mainly targeting the youths who want to transact online. Venom has been described as the emoji-filled version of PayPal and indeed from its design, it better appeals to the youth, who have found PayPal to be too corporate-like and appeal better to professionals.
With the launch of the debit card, PayPal is hoping to further raise the frequency of use of Venmo among its target market. When you think about it, this development could be PayPal re-strategizing in the wake of increasing competition in the fintech space. To get that, you only need to look at the vast majority of fintech solutions, such as Square Cash, Android Pay, and Apple Pay.
PayPal is hoping the family members would take out their Venmo credit card and pay for daily common things like grocery, or even when ordering from online merchants. If a user spends more than their Venmo balance, the extra cash will be drawn from your regular linked bank account.
All card transactions will show up on the Venmo account, and users can even share what they bought with others on social media. In the event a user’s debit card get lost or stolen. The user can simply use the Venmo to disable that card.